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Reuters
Investors jump into stocks as Fed “hysterically behind the curve” – BofA
Investors pumped money into stocks and siphoned funds out of bonds and cash as global markets braced for higher interest rates, BofA’s weekly flow show report showed on Friday. In the first 13 trading days of the year compared to the same period last year, equity funds have seen $52 billion of inflows compared to a similar amount last year while bond and credit funds have seen tiny outflows after heavy inflows, according to BofA using EPFR data. “Rates up and profits down is a bad combo for credit and stocks and the Fed is hysterically behind the curve,” analysts led by Michael Hartnett, chief investment strategist at the U.S. investment bank, said in a note.
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