Nomura: Traders Are 'Re-Risking While Holding Their Noses' After 2022's Bizarro World In VIX

The "Buy Any Semblance of a Dip" mentality across markets is so evident right now as “risk” is being re-deployed to start 2023, after a year's worth of de-positioning in Assets and hiding in Cash, following the global central bank “FCI Tightening” macro regime of 2022 instructed you to do just that.

Last night's EPFR Fund Flows report captures that "re-risking", where we see an impulsive 92-93%ile rank almost across the board INFLOW in Global Equities, Global Bonds and Global IG Credit…alongside an actual (nascent) Money Markets OUTFLOW, following a +$222.5B of MM INFLOW over the past 1Y period as “Cash became an actual alternative”...