One week after the second biggest weekly inflow to Wall Street on record, the "risk on" rotation ended abruptly in the ensuing five days, when as Bank of America writes overnight, it observed "Inflows to structural "deflation", outflows from cyclical "inflation"; with oil the "poster child" for this trend."

Half a year after central bankers around the globe rejoiced that the Trump victory may finally spur the long-delayed period of global reflation, that hope is now dead and buried (even as the Fed keeps hiking into some imaginary inflation wave) which BofA's Michael Hartnett observes not only in asset prices, but also in fund flows.

As the BofA strategist writes in a note aptly titled "Bubble, bubble, oil & trouble", the big flow message "is structural "deflation" dominating cyclical "inflation" (oil price is the "poster child" for victory of deflation): outflows from TIPS; first outflows from bank loans in 32 weeks; outflows from US value funds in 8 of past the 9 weeks; 1st inflows to REITS in 11 weeks; biggest inflows to utilities in 51 weeks."