Which characteristic is NOT associated with money market instruments?

The characteristic that is not associated with money market instruments is speculation. Money market instruments, such as Treasury bills, commercial paper, and certificates of deposit, are designed for short-term investment and are typically low-risk. They provide high liquidity, which makes it easy for investors to buy and sell these instruments without significant price fluctuations.

Speculation involves taking on higher risks in the hopes of earning substantial returns, which is not a primary purpose of money market instruments. Instead, these instruments aim to preserve capital and provide a modest return with a focus on safety and liquidity. Because they are viewed as stable and low-risk investments, they are generally not utilized for speculative purposes, which typically involve more volatile and longer-term investments.

In contrast, liquidity, minimal return, and safety are all key characteristics of money market instruments. They are often used by investors seeking to park funds temporarily while earning some interest with minimal risk.