Skittish investors pull more than $20 billion from stocks, rush into bonds: BAML

LONDON - Global equity funds saw massive outflows this week, a sharp reversal from last week’s inflows as pessimism over economic growth gripped investors once again, driving them instead to search for yield in credit and buy safer assets like bonds.

Despite big gains for stocks globally this year, positioning is decidedly negative with $66.8 billion outflows from equity funds year-to-date. The market is struggling to digest a rapid about-turn from the U.S. Federal Reserve on interest rates as economic growth disappoints globally and fears of a deflationary environment return.

“Short European equities” was named by investors as the “most crowded” trade in a BAML survey on Tuesday, prompting some contrarian buying of European stocks, but not enough to move the needle in terms of flows.

Thank the fed chairman opening his mouth again. Can’t have healthy economy and low rates. Could have fooled us.

The long-term indentured bullet bonds sold on WallStreet are in truth no safer than equities or stocks. Companies take on too much debt to accept investors' offer of easy money on credit, but ultimately the Establishment LowInterestRate mantra from federalreserve cuts no ice.

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