Equity inflows, bond outflows before FOMC
--> Ahead of Sept FOMC big $24bn equity inflows (driven by short-covering in SPY & largest inflows to Japan funds in 17 months)
--> EM assets still shunned: 10th week of EM equity outflows; 8th week of EM debt fund redemptions
>>> Asset Class Flows
* Equities: big $23.8bn inflows (largest in 10 weeks) (caveat: an outsized $11.4bn inflow via SPY)
* Bonds: $3.3bn outflows (6 straight weeks)
* Precious Metals: $0.2bn outflows (3 straight weeks of modest outflows)
>>> Equity Flows
* Japan: big $5.1bn inflows (largest since Apr’14) (inflows in 28 out of past 30 weeks)
* US: $16.7bn inflows (largest in 2015) (caveat: $11.4bn inflows via SPY)
* Europe: $2.0bn inflows (inflows in 17 out of past 18 weeks)
* EM: $2.2bn outflows (silver lining = smallest outflows in 10 weeks)
* By sector: healthy $0.8bn inflows to healthcare funds; $0.6bn outflows from consumer funds (4 straight weeks)
>>> Fixed Income Flows
* Govt/tsy funds eke out 11th straight week of inflows (albeit small $0.1bn)
* HY bond funds end 7 straight weeks of outflows with tiny $89mn inflows
* $1.9bn outflows from EM debt funds (8 straight weeks)
* $1.1bn outflows from IG bond funds
* 7 straight weeks of outflows from bank loan funds ($0.2bn)
* 6 straight weeks of outflows from muni funds ($0.5bn)