Investors indiscriminately moved money around multiple asset classes at a record pace over the past week’s tumult on Wall Street, signaling more damage to come if policymakers don’t take aggressive action.
Investors shifted massive amounts of money over the past week during the Wall Street tumult.
Bond funds saw the biggest outflows ever at $25.9 billion, while cash saw its biggest inflow at $139.6 billion, according to Bank of America Global Research. Stock funds lost $4.7 billion and the financial sector saw a record outflow of $3.3 billion. Gold saw its biggest inflow ever of $3.1 billion, while energy took in $1.3 billion, its biggest haul since December 2015.
The good news is that the moves helped trigger a contrarian "buy" signal on Bank of America's "Bull & Bear Indicator.", which is nearly 30% off its record highs, then things could still get worse.
Mnuchin said tariff relief is not on the agenda at this time, though he said the administration is considering help to select industries.
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