Investors poured $68.1 billion into cash funds in the week to Wednesday as concerns over additional Federal Reserve rate hikes continue to rattle financial...
Investors poured $68.1 billion into cash funds in the week to Wednesday as concerns over additional Federal Reserve rate hikes continue to rattle financial markets, according to figures from Bank of America, Goldman Sachs and TD Securities, all citing EPFR data in their weekly notes.
Cash is “as good as bonds and stocks” until the bear market comes to an end with an “expected credit event,” said Michael Hartnett, chief investment strategist at Bank of America Global Research. U.S. stocks were off to a surprisingly good start in 2023, but the upside momentum fizzled in February after a flurry of higher-than-expected inflation data and Fed officials’ remarks implied interest rates may have to go higher than previously thought. The three major U.S. indexes ended a rough February in the red earlier this week.
On Tuesday, Treasury yields notched their biggest monthly gain in months with the yield of the policy-sensitive 2-year Treasury note TMUBMUSD02Y advancing 58.8 basis points in February, while the 10-year rate TMUBMUSD10Y rose 38.7 basis points. Both of them booked the largest one-month gains since September, according to Dow Jones Market Data.
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