'Systematic Demand Has Dried Up': Goldman's Flows Gurus Expect September To Be "Challenging"

The seasonally worst month of the year is upon us – with 2H September bringing the worst two-week period of the year.

As Goldman Sachs flows gurus, Gail Hafif, Brian Garrett, and Lee Coppersmith note in this week's 'Flow of Funds' note, systematic demand has dried up, removing a key piece of support from the market.

Institutions have net sold US equities for two months straight, and are angled cautious for September,