Investors look to benefit from growth in developed markets increasing the demand for commodities and manufactured goods.

New money flows into Europe, Japan and Australian equity funds as investors look for alternative to U.S. “reflation” story.

Infrastructure funds see an 11-week inflow streak come to an end, while redemptions from industrial sector funds highest in over a year.

Investors put new money into bonds as fresh doubts arise that the current U.S. administration’s reflationary rhetoric will translate into action.

Looking at household formation, an aging population and the contrarian indicator of “confidence” surveys to understand where the market is headed.

The Fed’s willingness to tolerate more inflation should not have been taken positively by long-term bond investors.