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AMG Reports Record Taxable Bond Inflows Of $315 Billion Year To Date
According to AMG Data Services the abandonment of moral hazard concerns and the pursuit of risk in every form has resulted in an all time record inflow into taxable bond funds (IG and HY). The January through October total amount of inflows of $315 billion dwarfs the $60 billion for the comparable period in the prior year and is double the prior full-year record of $153 billion from 2007. The High Yield bond subset has also been on fire clocking in at $32 billion YTD versus $2.6 billion in HY outflows during the first 10 months of 2008. At the credit crisis peak, money outflows surged to -$45 billion, however for the past three months have inverted into consistent $40 billion + inflows every month since August.
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Great consumer confidence report courtesy of Univ of Mich
present cond & outlook both DOWN
1YR inflation expectation DOWN
5YR inflation expectation UP
Bernanke's nightmare unfolding...that 5yr inflation expectation up to 3.1%. that is not a good number.
ReturnFreeRisk
Hmmmm... could it be that Joseph-Box-Wine has figured is not going to let a bubble bite him on the butt for a third time in ten years? That the stock market is a manipulated casino where he sits down to play not knowing - as the old joke goes - who the patsy is? What other choice do most 401k participants have among the 10 crappy OEFs offered by their plan? Just a thought.
Regarding choices, cash is always a position.