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Equities Ditto: $27 million in outflows, according to the data from ICI, a U.S. mutual fund trade organization. While meager, they were the first withdrawals in four weeks and came after inflows of $3.5 billion the prior week, which were the biggest since last October.
People don't have confidence. Was part of the discussion regarding mortgages with Starwood CEO Barry Sternlicht this morning on CNBC. I think it extends to a lot of things, including equities. Due to a continued lack of confidence, people are making short-term decisions rather than long-term ones. While the mortage situation is due to a lot of different layers, confidence is keeping some people from making that long-term decision, which is part of the reason why rents continue to go sky-high and buying is still cheaper than renting in some areas. That was a discussion on CNBC this AM and I agree that that's a part of it.
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