According to Bank of America Merrill Lynch strategist Michael Hartnett, there huge inflows of $5.1 billion into Treasury and government bond funds within seven days that ended this Wednesday.
Hartnett said that that is "capitulation" if funds flow out of the riskier high-yield market to the lower-yielding government bonds, which means bond market is acting as a recession.
However, the equity market is acting differently as the bond market does. In the past three weeks, $24 billion outflows from the equity market, which equivalent to just 0.3% assets under management.
http://www.businessinsider.com/bank-of-america-on-the-bond-market-2016-1
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