The big fear is that Mnuchin just doesn't care and reform doesn't happen.

Emerging market funds, however, went net negative in early March, breaking seven weeks of gains.

The beginning of March saw the biggest weekly outflow of money from Russian equity funds in over three years.

The latest week of data shows flows into U.S. funds lagging the market’s surge, suggesting investors are growing wary of valuations.

Last week of February saw investors start to pivot away from financials, towards healthcare and utilities.

Despite the shift in sentiment toward a mid-March rate hike, U.S. and Global bond fund flows were net positive during the last week of February.