Flows Out of High Yield Bonds Continues; QE Success Questioned

Outflow out of High Yield bonds continues - A January 21 report from Bank of America Merrill Lynch, aptly titled “Recessionary Bond Flows,” points to price action that shows “global policy impotence & quantitative failure.” Monitoring fund flows and price action, the report from Michael Hartnett, the bank’s Chief Investment Strategist, and his team of Brian Leung and Garrett Roche, note, however, that equity outflows are currently paling in comparison to outflows witnessed during the volatile August of 2015 and other notable periods of volatility.

Money flows into government bonds and out of high yield bonds
Two interesting corollaries have . . .

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