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US bond funds see biggest weekly outflow in eight weeks

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News Tech: Aug 26 (Reuters) – Investors dumped U.S. bond funds in the week to Aug 24 as they waited to hear a speech by Federal Reserve Chair Jerome Powell later on Friday which will be scrutinised for clues on the pace of forthcoming interest rate hikes. read more

Fund flows: US equities, bonds and money market funds

According to Refinitiv Lipper data, U.S. bond funds witnessed outflows worth a net $8.81 billion, the most in a week since June 22.

U.S. yields across the curve, from two-year notes to 30-year bonds, hit highs last seen between five and 10 weeks ago as market participants positioned for hawkish comments from Powell.

However, safer money market funds drew their biggest weekly net inflow since July 6 at $11.07 billion.

U.S. equity funds were also out of favour, posting a net weekly outflow of $2.19 billion after two weeks of net purchases. Investors sold U.S. growth funds worth a net $3.31 billion in their biggest weekly disposal since July 20, while also exiting $1.75 billion in value funds.

Fund flows: US growth and value funds Tech and industrials recorded net outflows of $1.77 billion and $723 million, respectively, although financials attracted $1.87 billion in net buying.

Fund flows: US equity sector funds RegisterReporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Kirsten Donovan

Source: Reuters Trust Principles.

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