Investors cut their cash holdings for the first time in eight weeks in the week to Wednesday, while shedding equities and gold, according to a report from BofA Global Research on Friday.
"Core inflation in big economies remains stubbornly high," the BofA analysts said, adding that inflation is being aided by structurally low unemployment rates.
Almost all central banks are on hold or close to the end of the rate hike cycle, thus "locking in" high inflation, they said, "as is trajectory of government spending, deficits and debt". Emerging market debt funds saw their first weekly inflow in 10 weeks, of $600 million. Investors put $2.3 billion into emerging markets equities, the biggest inflow in four weeks.
BofA said its bull and bear indicator - a measure of market sentiment that runs from 1 to 10, with a higher reading more bullish - jumped from 2.3 to 2.8 on "stronger bond inflows, EM stock inflows, improving credit technicals".
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