Nervy US investors steer clear of high-grade bonds

US investor allocation to bonds fell in May to its lowest level since August 2002, according to Dorchester Capital Management's Capital Markets Index. The index, which measures the total return of the US investment-grade capital markets, shows that the percentage of investor assets allocated to investment-grade bonds stood at 31.1% at the beginning of May, down from nearly 32.1% at the start of February.

Allocation to equities is also down, with investors instead turning to short-term money m

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