LONDON, (Reuters) – Investors poured $14.9 billion into cash and bought $1.8 billion in inflation-protected U.S. Treasuries during a massive sell-off. This was according to a BofA roundup on flow numbers based EPFR data.

The BofA report found that fixed income markets saw the lowest weekly inflows since March, at $3.9 billion. Investment grade securities attracted just $2.1 billion while both emerging and high-yield bonds suffered outflow.

Equities took in $13 billion, with Japan stocks experiencing the highest inflows of $4.3 billion since April 2019, and U.S stocks seeing $71 million growth. European stocks suffered an outflow of 1.3 billion.

Strategist Michael Hartnett wrote in a note to his clients that “stagflation” was a late-60s/70s term that meant real assets, commodities, stocks, volatile, cash, EM and other real assets held their ground vs inflation. While losers were tech, bonds, credit, equities, and equities which all eventually failed.”

BofA pointed out that central banks across the globe have delivered 999 interest rates cuts since Lehman Brothers collapse in 2008. This was the cause of the current financial crisis.