Investors are using their massive cash piles to lock in attractive yields in global bond markets, helping to limit losses in the asset class, according to Mohamed El-Erian.
Demand for Treasuries is strong as demonstrated with this week’s auctions. And US money-market fund assets have soared in recent weeks to an all-time high, offering fresh evidence that the desire for cash remains persistent even as the Federal Reserve prepares to cut interest-rates.
