Doesn't this look like something a bunch of lemmings would walk off of?
Basically a drought in US bond purchases is posing a problem with liquidity.
A big drought. A really, really big drought.
The fall in demand for US corporate debt (especially from the UK) has been especially sharp.
The sharp fall in total bond inflows line from the preceding two graphs is, of course, a reflection of the fall in total inflows to the US in my scary graph. It is based on the same underlying data. The higher frequency graph – updated for October – isn’t quite as scary as before, but it doesn’t suggest rude health either.