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Nervous investors shift $1.5 trillion into cash: BofA

7 hrs ago – 7.33AM
Timothy Moore

Investors increasingtly uncertain whether central bank policy decisions will push the global economy into recession have shifted more than $US1 trillion ($1.5 trillion) into cash holdings so far this year, on course for a record.

That’s in keeping with Bank of America strategist Michael Hartnett’s view that it’s better to be cautious. He’s been pessimistic about markets all year, and remains so. “Nothing screams ‘bear market in conviction’ more than money market funds seeing $US1 trillion of inflows year-to-date,” Mr Hartnett said in a note. “We think markets may rally into [the] first negative [US] payroll print but this likely followed by slump on second negative payroll print.”

In the latest weekly flow report, however, investors showed that there’s no consensus yet. The funds data tracked by BofA showed that $US25.3 billion flowed into global stocks in the week through September 13, the most since March 2022; $US26.4 billion flowed into US equities alone. Mr Hartnett said it was a sign that “confidence in a soft landing” was rising. A soft landing will occur if central bankers succeed in cooling inflation and slowing growth, without triggering a recession.

In other moves over the last week, $US28.9 billion went to cash and $US4.8 billion to bonds, while $US600 million moved out of gold.

SRC: https://www.Zfr.com/markets/equity-...a-governor-begins-20230916-p5e55b?post=p557wc
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