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MNI: BofAML Weekly Flow Show: - Profits/GDP =........>

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MNI: BofAML Weekly Flow Show:
- Profits/GDP = peaking: exports, PMIs, US capital goods orders flat despite
massive tax cuts
- Flows = "deer in the headlights": $2.8bn into bonds, $0.9bn into gold,
equities unchanged
- Flows = froth-off: following massive '18 inflows of $150bn, equity redemptions
of $30bn in past 6 weeks.
- Flows = 3%-off: biggest tech outflows in 3 months, biggest HY outflows in 2
months, biggest - EM debt outflows in 10 weeks.
- Flows = 9-year bull leadership intact: flows into tech & EM debt/equity funds
close to record highs; only HY funds have seen "bear market" in flows.
- Largest IG bond fund inflows in 11 weeks($4.4bn)
- Largest HY bond outflows in 7 weeks ($2.4bn)
- Biggest EM debt outflows in 10 weeks ($0.7bn)
- Tiny muni fund outflows ($2mn), Large Govt/Tsy inflows continue ($1.3bn)
- Small TIPS inflows ($35mn), Small bank loan fund inflows ($0.2bn)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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