LONDON, (Reuters) – Investors pumped money in stocks while cash and bonds were being sold to fund higher interest rates. This was evident from BofA’s Weekly Flow Show Report on Friday.

According to BofA EPFR data, equity funds saw $52 billion inflows in the first 13 trading day of this year. This is a significant increase from the previous year. Bond and credit funds, however, have experienced small outflows following heavy inflows.

Analysts led by Michael Hartnett (chief investment strategist, U.S. bank) stated in a note that “Rates up, profits down” is not a good combination for stocks and credit.

In the U.S., and in the U.K., money markets expect four rate rises by 2022.

Weekly stock market inflows were $5.2 billion. China had large inflows while U.S. equity funds experienced the first outflows within four weeks.

Although cash levels are increasing, there is no risk-off in equity flow flows. BofA’s private clients, which manage assets worth $3.3 trillion, had 11.3% cash. However the beta average of its top 10 stocks was higher than the historical averages. This indicates that they are more susceptible to volatility.