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Bears remain in hibernation as fall approaches

Flows into EPFR-tracked Equity Funds jumped to a 26-week high in mid-September as investors continue to shrug off all manner of threats to the best-case scenarios for the US, European, Chinese and global economies.

The investment case for the US appears particularly resilient. Despite headline inflation coming in north of 5% again during August, the constraints of the current debt ceiling, the administrations push for over $2 trillion in tax hikes, average new Covid-19 cases climbing to a level last seen in late January and an emerging consensus that the Federal Reserve will start (cautiously) tapering its bond purchases later this year, investors committed over $50 billion to US Equity and Bond Funds during the week ending Sept. 15.

Those investors also showed less appetite for staying close to cash. US Money Market Funds saw $45.6 billion billion redeemed, their biggest weekly outflow since late 4Q20. Meanwhile, some US MM Fund providers are tapping into the broad appetite for exposure to socially responsible (SRI) or environmental, social and governance (ESG) principles. After a lull stretching from the third quarter of last year into April, flows to US SRI/ESG Money Market Funds have gained momentum each of the subsequent months, hitting a 13-month high in August.

 

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