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Rediscovering their love for U.S. stock funds, investors added the most money since June during the past week, as the Trump administration plotted strategy for pushing a tax overhaul and the S&P 500 rose to a record.
They poured $1.9 billion into the securities in the week to Sept. 14, Bank of America Merrill Lynch said in a research report, citing EPFR Global data. It was just the second week of inflows since June.
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U.S. Treasury funds saw inflows of $2.2 billion, the biggest in 62 weeks, in keeping with the quest for yield, the bank said. Investment-grade bond funds received $4.8 billion of new money, the 38th consecutive week of inflows.
Officials from the Trump administration and congressional Republican leaders have promised a new framework in two weeks for legislation that would overhaul the U.S. tax code — although they have yet to release any details about how the changes would affect individuals or corporations.
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Investors had been shifting funds from U.S. equities to stock markets in Europe, Japan and emerging markets. A net $4.7 billion has been taken out of U.S. equity funds since the beginning of the year, while European stocks are sitting on an inflow of $31.7 billion and Japanese equities $36.4 billion.
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Read U.S. Equities Go Back on Menu With Biggest Inflows in 13 Weeks on bloomberg.com