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UPDATE 1-U.S.-based taxable bond funds suffer $507.9 mln outflow - Lipper
June 20, 2013 / 9:39 PM / 4 years ago

UPDATE 1-U.S.-based taxable bond funds suffer $507.9 mln outflow - Lipper

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By Sam Forgione

NEW YORK, June 20 (Reuters) - Investors in funds based in the United States pulled $507.9 million out of taxable bond funds in the latest week, marking the first three-week outflow streak from the funds since August 2011, data from Thomson Reuters’ Lipper Service showed on Thursday.

The outflows from bond funds in the week ended June 19 occurred largely ahead of Federal Reserve Chairman Ben Bernanke’s comments on Wednesday that the central bank may reduce its $85 billion in monthly bond purchases later this year if the economy is strong enough. Bernanke also said the central bank may end the program altogether in mid-2014.

The outflows from taxable bond funds came after investors pulled $5.51 billion from the funds the previous week. Investors have pulled $15.1 billion out of taxable bond mutual funds and exchange-traded funds over the past three weeks.

Investors also pulled $22.15 billion out of money market funds, which are low-risk vehicles that invest in short-term securities. The funds suffered outflows of $5.22 billion the prior week.

Appetite for stock funds, however, increased as investors poured $4.71 billion into the funds. The inflows over the latest week reversed three straight weeks of outflows from the funds. (Reporting by Sam Forgione; Editing by Bernard Orr)

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