Bond yields have come off a touch from their rock-bottom lows seen in recent weeks, but the bottom line is that investors are still hungry for Treasuries, particularly the slightly longer dated ones that still have some yield.
A fresh look at fund flows from Morgan Stanley confirms: investors are allergic to stocks, CRAZY about bonds, and still really into emerging markets.
In fact, says Morgan Stanley, bond fever is bigger than stock market fever was during the .com bubble.
It’s an eye-opening presentation.
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