Sunday, June 30, 2013
No Surprise Here
Amid the recent turmoil in financial markets, investors are finding some refuge in cash, analysts say.
Bond and stock mutual and exchange-traded funds saw outflows of $19.96 billion in the week ended Wednesday, according to Thomson Reuters unit Lipper. This data covers funds that report weekly.
That's the biggest outflow since August 2011, as the euro-zone debt crisis was intensifying and worries about the U.S. debt ceiling were coming to a head.
Some of the money went into money-market funds, which took in $5 billion during the week, according to Lipper. It's likely that billions more flowed into cash or directly into short-term debt, said Matthew Lemieux, a senior research analyst at Lipper. The WSJ Dollar Index rose 1.6% in the period.