(Reuters) – U.S. equity fund outflows were heavy in week ended April 13. Investors were scared by rising yields, and the fear that Federal Reserve will tighten monetary policy to slow down growth.

Refinitiv Lipper data shows that the largest weekly net sale of equity funds in America was Dec. 15, when outflows totaled $12.57 trillion.

Graphic: Fund flows: US equities bonds and money market funds – https://fingfx.thomsonreuters.com/gfx/mkt/gkvlgkmmmpb/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg

This week’s peak was three years ago, which hit growth stocks. After comments by Federal Reserve officials, value stocks fell as investors were concerned that an abrupt policy tightening could lead to slower economic growth.

Data released this week revealed that consumer prices in the United States increased in March for the first time in 16-1/2 year.

The weekly net sale of Growth Funds was $6.91 Billion, the highest outflow since Jan 26, and value funds recorded sales continuing for a fifth consecutive week at $2.95 Billion.

Graphic: Fund flows: US growth and value funds – https://fingfx.thomsonreuters.com/gfx/mkt/zdvxogyydpx/Fund%20flows%20US%20growth%20and%20value%20funds.jpg

In the second week of net sales, U.S. financial sector fund investors sold $1.23 trillion worth of funds. Inflows to consumer staples, utilities, and other sectors were $609 million and $536 millions, respectively.

Graphic: Fund flows: US equity sector funds – https://fingfx.thomsonreuters.com/gfx/mkt/movanommnpa/Fund%20flows%20US%20equity%20sector%20funds.jpg

U.S. Investors also outloaded bonds funds totaling $14.01 Billion, making it the biggest withdrawal of two consecutive weeks.

Taxable bond funds valued at $10.25 trillion were sold by investors, marking the biggest outflow since February 16, when municipal funds experienced capital outgos of $4.39 billion. Investors purchased high-yield bond funds in the amount of $4.27 Billion and U.S. short/intermediate funds in the amount of $1.33 Billion.

Inflows to loan participation funds reached $874 Million, which is the fourth consecutive week of such inflows.

Graphic: Fund flows: US bond funds – https://fingfx.thomsonreuters.com/gfx/mkt/znpnemddzvl/Fund%20flows%20US%20bond%20funds.jpg

U.S. money-market funds experienced net selling of $26.4 Billion, in contrast to $29.56 Billion outflows the previous week.