BofA Says US Stocks Suffer Big Outflows in Runup to Fed Meeting
- US equities post largest weekly outflows since December 2022
- Over $61 billion leaves cash funds; bonds see inflows: BofA
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US stocks saw hefty outflows in the runup to the Federal Reserve’s policy meeting that took the S&P 500 Index to fresh all-time highs.
US equity funds suffered redemptions of about $22 billion in the week through Wednesday — the biggest since December 2022, according to a note from Bank of America Corp., citing EPFR Global data. That’s alongside a 1.2% advance in the S&P 500 over that period, with the rally building steam following signals that the Fed was on course for three rate cuts this year.