Risk-averse investors pile into cash at fastest rate since April 2020

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Reuters UK

LONDON (Reuters) – Investors piled into cash at the fastest weekly rate since April 2020 in the week to Wednesday, as soaring government borrowing costs, high energy prices and slowing growth fanned risk aversion, BofA Global Research said in a note on Friday. Investors ploughed $88.8 billion into cash, BofA said, citing EPFR data, and sold $18.3 billion in bonds – the fastest weekly rate in four months – with the majority of the sell-off comprising investment-grade bonds. BofA’s “Bull & Bear” indicator, which seeks to track market trends, remained unchanged at the “extreme bearish” level, wit…

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