If you’re keeping track at home — and who isn’t, right? — US equities just saw one of their largest weekly inflows ever.

The $44.8 billion that flowed into US stock funds on EPFR’s tally counted as the fourth biggest haul on record.

As the figure below shows, it was the second time in 2024 that US-focused equity products saw enormous inflows.

The YTD haul for US stock funds now stands at $191 billion on net.

Sometimes, it’s best to take these weekly tallies with a grain of salt when they appear anomalous, but the reporting period captured the post-CPI trade, which is to say investors may be excited about the read-through of another benign inflation update for US monetary policy.

“Investors are bullishly assigning 100% probability of a Fed rate cut [in September], 75% probability of Trump winning the US election and 68% probability of a ‘soft landing,'” BofA’s Michael Hartnett remarked.

Hartnett reiterated — for the umpteenth time — that in his view, it’ll be prudent to “sell the first rate cut.”

Thanks almost entirely to the massive haul for US shares, global equities enjoyed their fifth biggest weekly inflow on record, more than $47 billion.

Outside of equities, gold saw its biggest inflow since March of 2022, while bonds witnessed their eighth largest inflow ever.

Hartnett went on to suggest we might be close to seeing “peak soft landing.” September 18 and November 5 are your “‘buy the rumor, sell the fact’ dates,” he said.