FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo
March 27, 2020
LONDON (Reuters) – Investors rushed into cash and out of bonds at a record pace over the past week as the coronavirus pandemic caused mayhem across global markets, BofA’s weekly fund flow data showed on Friday.
A record of $234.6 billion made their way into cash funds while another record of $109 billion was registered in redemptions from bonds, BofA said reporting figures based on data from EPFR Global.
It added that bond outflows amounted to a “stunning” $218 billion in the past two weeks.
BofA also reported that its Bull & Bear Indicator had reached 0, a level it described as “maximum bearish” and potentially implying a substantial rebound in credit and stock markets if the stimulus plans of the Federal Reserve and the U.S. government succeed.
(Reporting by Julien Ponthus and Sujata Rao)
