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US bond funds record outflows for 17th week in a row

According to Refinitiv Lipper data, U.S. investors offloaded $5.52 billion worth of bond funds in a 17th straight week of net selling.

The U.S. benchmark 10-year Treasury yield hit nearly a 3-1/2-year high of 3% this week after reports last week showed rising U.S. consumer spending in March and surging labour costs in the first quarter.
The U.S. benchmark 10-year Treasury yield hit nearly a 3-1/2-year high of 3% this week after reports last week showed rising U.S. consumer spending in March and surging labour costs in the first quarter.

U.S. investors remained net sellers of bond funds in the week to May 4 as the economy’s rising inflationary challenges fanned caution ahead of the Federal Reserve’s policy meeting this week.

According to Refinitiv Lipper data, U.S. investors offloaded $5.52 billion worth of bond funds in a 17th straight week of net selling.
The U.S. benchmark 10-year Treasury yield hit nearly a 3-1/2-year high of 3% this week after reports last week showed rising U.S. consumer spending in March and surging labour costs in the first quarter.

After an expected 50-basis-point hike to the central bank’s benchmark overnight interest rate on Wednesday, Fed Chair Jerome Powell ruled out raising rates by 75 basis points in a coming meeting, although he made clear the rate increases the Fed already has in mind were “not going to be pleasant.”
Investors sold U.S. taxable bond funds worth $3.82 billion and municipal funds worth $1.75 billion.

U.S. short/intermediate investment-grade funds witnessed net selling of $5.46 billion in a 17th straight week of outflows. Loan participation funds, however, obtained inflows of $0.83 billion, the largest amount in three weeks.

Meanwhile, U.S. equity funds’ weekly outflows eased to a four-week low of $3.76 billion.
U.S. value funds posted their first weekly inflow in seven weeks, worth $854 million, while growth funds saw net selling of $3.93 billion, although that was the lowest outflow in four weeks.

Among sector funds, tech and financials lost $724 million and $593 million, respectively, in net selling, while utilities saw net buying of $542 million.
U.S. money markets drew net purchases of $2.63 billion, although there was a 94% drop in inflows compared with the previous week.

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