Investors were back into stocks like they left something in the days leading up to the September FOMC meeting.

Global equity funds took in almost $40 billion over the latest weekly reporting period, according to EPFR.

The $38.6 billion haul was particularly notable given that it came on the heels of the first net outflow since April.

Stock-focused ETFs raked in $45 billion over the week. Long-only mutual funds saw $6.4 billion hit the exits. (The epochal active-to-passive shift rolls on.)

For 2024 YTD, equities have now seen a net $426 billion of inflows. The split’s $703 billion to ETFs and $276 billion from mutual funds.

Not surprisingly, the bulk of the inflow to stocks over the last several sessions was to US shares. Specifically, EPFR’s data showed $34 billion went into US-focused funds around the Fed.

As a quick reminder, US funds had seen consecutive outflows for the first time since the April pullback. The latest weekly inflow ranked only behind massive hauls from mid-July and mid-March in terms of this year’s largest inflows.

Elsewhere, IG bond funds notched a 47th straight weekly inflow, and it was a doozy: $14 billion, the largest in four years. Junk took in money on net for a sixth week.

Cash saw $7.6 billion of net outflows globally. I wouldn’t make much of that — there’s a corporate tax date in the US, which probably impacted money market flows stateside. Indeed, ICI’s data showed a $22 billion drop on the institutional government fund side, a category where inflows have been, and will probably continue to be, relentless.