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Data: Investment Company Institute; Chart: Naema Ahmed/Axios

More money flowed into bond funds last week than at any time in at least seven years, data from the Investment Company Institute released Wednesday showed.

Why it matters: The S&P 500 gained 30% last year and the stock market has delivered strong returns so far in 2020, but investors continue to buy safe-haven bonds and sell stocks.

What's happening: ICI representatives say the move likely represents a rebalancing effort by investors after a strong year in equities, but it follows a year in which data showed investors did exactly the same thing.

  • In 2019, ICI reported the largest outflows from equity funds in the history of its data (dating back to 2010), while bond funds saw historic inflows, including an all-time high in municipal bond buying.
  • Lipper, which has data going back to 1992 and tracks more than $40 trillion of assets, also reported record outflows from stocks last year.
  • Money market funds, which are essentially savings accounts, saw holdings swell to levels last seen in 2009, following the global financial crisis.

What it means: Many have worried the market may be getting overconfident and complacent in the face of good news like the signing of the U.S.-China phase one trade deal and an expected resolution for Brexit.

  • However, the numbers show there remains a strong sense of caution running through the market.

Go deeper: The market will need the Fed again in 2020

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.