Market Melt-Up Lures Biggest Inflows to Stocks Since Early 2022
- Cash funds are among winners in 2023; bonds see broad outflows
- BofA custom signal no longer flashing contrarian buy: Hartnett
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Investors flocked into equities at the fastest pace in almost two years, according to Bank of America Corp.’s Michael Hartnett, as wagers of peak interest rates grow.
Global stock funds have seen inflows of about $40 billion in the two weeks through Nov. 21 — the most since February 2022, Hartnett wrote in a note, citing EPFR Global data. Still, cash funds remain the winner with additions of nearly $1.2 trillion so far in 2023, compared with $143 billion into equities, while bond funds broadly registered outflows.