Bank of America analysts stated in a report that funds flowing into euro investment-grade bonds in 2024 will exceed those flowing into government bonds and stocks. Bank of America indicated that this trend is supported by an increase in market demand for higher yields as interest rate cuts lead to lower government bond yields. "As interest rates decline further in 2025, we believe that the funds flowing into investment-grade bonds will continue to increase and will also exceed the funds flowing into other 'risk-free' assets."