The Macro Brief: Record Selling of TBills - BoA

Market participants get optimistic; sell Tbills, buy equities.

BoA Client Flows:

* T-bills: Record selling (compare with record weekly inflow following SVB in March ’23.

* Bonds: Only 2nd week of outflows since Russia/Ukraine War in February ’22.

* Equities: Largest weekly equity inflow since SVB.

* Private clients buying Japan, HY, EM debt, and selling TIPS, utility, financial ETFs.

Goldman Sachs:

We expect a hike next …