Investors globally ploughed more money into cash funds in the week to Wednesday, with total cash assets under management reaching a 'monster' $7.8 trillion, according to a report from Bank of America (BofA) Global Research.
U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo
Inflows into cash funds totaled $29 billion in the week to Wednesday, while global investors also bought $13 billion of equity funds and $9.8 billion of bonds, BofA said citing figures from funds data provider EPFR. Among equity investment trends, weekly inflows into Japanese stocks stood at $8.9 billion, their fifth straight week of inflows, while U.S. large caps saw their largest inflow in eight months of $12.9 billion.on Thursday raised expectations that the Federal Reserve will resume rate hikes in July after June's pause.
"Financial conditions tightening again in early-Q3, keeps the 'higher-for-longer/hard landing' view entrenched," said BofA in the report, noting that a further tightening of financial conditions in the third quarter would create a great opportunity for investors to position for a hard economic landing.
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