In the U.S., investors don’t expect current tightening cycle to rock the junk bond market, putting more money into high-yield and total return funds.

Mutual and exchange-traded funds dedicated to building and upgrading roads, bridges, airports and other projects attracted more than $450 million from November through January.

Demand for U.S. Treasuries has moved "from global to local."

"Fast money" -- hedge funds and other speculators -- upped their bearish bets while mutual funds and institutional buyers built bullish positions on Treasuries.

Big investors are motivated by signs the world has finally escaped from the decade of limp economic growth and inflation that followed the global financial crisis more than eight years ago.

Most of the cuts will be made in operations and technology.