U.S. Treasuries saw largest weekly inflows in more than a year
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LONDON (Reuters] – U.S. Treasuries recorded their highest inflows in October 2020, while high yield bonds and investment grade funds experienced large outflows due to worries about rising inflation and a hawkish Federal Reserve. This was according to the BofA weekly report.
According to BofA’s Weekly Flows Note based on EPFR Data, cash funds saw the largest weekly inflows of $27.1 billion followed by equity at $9 billion.
The U.S. Investment Bank’s private clientele have reduced their equity positions over the last three weeks, indicating that they are reducing their long-term short bonds and equity trades that paid large dividends.
Another concern was the narrowing of market breadth. BoFA analysts found that 71% of gains of nearly 20% in U.S stocks were attributable to just five of the largest U.S. tech stocks.
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