Investors pile into cash at fastest rate since Covid-19 crisis: BofA

Investors put money into cash at the fastest pace at the start of a quarter since the 2020 Covid-19 crisis in the week to Wednesday, as heightened volatility and questions over the US rate outlook triggered a safe-haven dash, BofA Global Research said on Friday.

Cash funds saw inflows of $62.1 billion this week, reflecting investor demand for dollars, which in turn saw the 19th straight week of outflows from gold funds — the longest string of outflows since 2014, BofA said in its weekly “Flow Show” report, citing data from EPFR. Equity funds posted $6.3 billion in inflows, with emerging markets funds recording their second straight weekly inflow, with $4.3 billion.