The rush to cash is a sign of the profound economic uncertainty triggered by Russia’s invasion
The price shock forced central banks to hike interest rates, clobbering stock and bond markets in the process.
“The war in Ukraine started only a few weeks before the US led the developed market global hiking cycle,” said Jim Reid, a strategist at Deutsche Bank, in a note to clients on Friday. One of the most common ways for investors to allocate their money to cash is by putting it into money market mutual funds. They invest in cash and cash-like securities such as short-dated U.S. Treasuries.
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