Outflows from US bond funds set weekly record

US-based taxable bonds saw a record $62 billion outflows last week, while stocks and municipal bonds funds also bled money as investors moved to cash on fears the coronavirus outbreak will bring unprecedented economic recession, according to Lipper data.

Key points

Outflows from U.S. equity funds totaled $17.9 billion, in a sixth straight loss and the largest since Feb. 26.

Municipal bond funds reported $13.7 billion in outflows and high-yield muni funds shed $4.3 billion.

Cash-like U.S. money market funds drew $259.8 billion, exceeding the $148 billion record the previous week.