LONDON (Reuters) – Investors pumped money into inflation protection and dumped some tech stocks, BofA’s weekly fund flow data showed on Friday, as U.S. Federal Reserve policymakers hinted at discussing tapering of government bond purchases “at some point”.
In the week to May 19, $1.1 billion left technology funds, the largest outflow since December 2018. Gold funds attracted $1.3 billion, BofA said.
Treasury Inflation-Protected Securities (TIPS) funds saw the largest inflow in 24 weeks, taking in $2 billion. That came on top of $1.9 billion inflows in the previous week.
U.S. Treasuries meanwhile saw their largest inflows in six months, with $2.8 billion flowing into the safe-haven, the BofA report showed.
(Reporting by Thyagaraju Adinarayan; editing by Dhara Ranasinghe)