Investors continue to worry about the pace of future interest rate hikes in the face of contradictory economic signals.
"We're still looking down the barrel of a gun that has not come to grips with what the consumer may or may not have strength for for the rest of the year, and what earnings are going to do for the rest of the year. And I think the equity market is being overly optimistic," SoFi's Liz Young said Thursday on CNBC's "Halftime Report."Apollo chief economist Torsten Slok said there's growing concern about the veracity of U.S. economic data.
"The Fed's dual mandate is full employment and inflation at 2%, but response rates to both labor market surveys and inflation surveys continue to decline. The bottom line is that the economic data is becoming more unreliable, causing more volatility in the incoming data and hence more volatility in markets," he said in a note.Bank of America said U.S.
This also marks the third straight week of outflows for U.S. stocks. Instead, investors have been piling into sovereign bonds and investment grade corporates. The former saw inflows of nearly $5 billion, while investors bought nearly $10 billion worth of investment grade corporate bonds.
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