Whiplashed by surging bond yields and volatile stocks, more money managers are seeking refuge in the safety of cash-like assets.
The top two U.S.-listed exchange-traded funds that invest in Treasury bills drew a combined $1.5 billion in the week to Nov. 2, the fifth-largest allocation on record.
Fretting rising U.S. longer-dated real yields and febrile market sentiment, investors are keeping their powder dry. An iShares fund that invests in Treasuries with one- to three-year maturities received $1.2 billion last week, its heaviest inflow in more than four years.
For good reason: The midterm elections and the Federal Reserve meeting also raise the prospect of elevated price swings across assets.