Investors Embrace Money Market Funds During the Fund-Flows Week

Investors were net purchasers of fund assets for the first week in three, injecting a net $17.5 billion for the LSEG Lipper fund-flows week ended Wednesday, October 25. However, the headline number is a bit misleading.

Treasury yields rose for a fourth consecutive day, closing up seven bps to 4.98%—its highest closing value since July 19, 2007—after investors contemplated the implications of first-time jobless claims falling to a nine-month low of 198,000 for the week prior. In other news, previously owned home sales fell 2% in September as rocketing mortgage rates kept buyers on the sidelines.

The S&P 500 posted its longest losing streak of 2023 on Monday, October 23, falling for the fifth straight trading session despite the 10-year Treasury yield pulling back to 4.86% from its high last Thursday. Investors were keeping a keen eye on the Q3 earnings season and had hopes that there could be some sort of resolution to the Israel-Hamas war. Front-month crude oil future prices declined 3.7% for the day, closing at $85.49/bbl.

Large-cap ETFs observed the largest net inflows of the equity ETF macro-groups for the fund-flows week, followed by world sector equity ETFs and domestic sector equity ETFs . Meanwhile, developed international markets ETFs suffered the largest net outflows, bettered by the multi-cap ETFs and mid-cap ETFs macro-groups.

The municipal bond funds group posted a 0.41% market loss on average during the fund-flows week and suffered net outflows for the twelfth consecutive week, handing back $1.2 billion this week. The New Jersey Municipal Debt Funds and California Short-Intermediate Municipal Debt Funds classifications witnessed the only net inflows of the group.

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