Over 85% of fresh money pouring into Commodities Funds this past week went to gold, suggesting the market expects the Fed to remain behind the curve when it comes to inflation, says EPFR research director Cameron Brandt.
The bond market is having some difficulty latching on to the reflation trade in a meaningful way.
Investors continue to pour money into emerging market equity funds: Flows climb to 25-week high
It is increasingly more difficult to become optimistic about economic growth or (closely related) the levels seen in domestic equities.
Sustained high levels in the complacency index were seen in the run-up to both the bursting of the dotcom bubble and the subprime crisis.