(Reuters) – U.S. bond fund outflows soared in week ending May 11, fueled by concerns about higher inflation, which intensified expectations for aggressive Federal Reserve rate increases.

Refinitiv Lipper data shows that U.S. bonds funds experienced capital withdrawals of $10.42 Billion for the 18th consecutive week. This is nearly double the $5.9 Billion in dispositions the week before.

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

On fears of rising inflation, the U.S. benchmark reached a record 3.203% for three and a half years.

According to data released on Wednesday, headline consumer prices in the United States rose by 8.3% in April compared with last year, exceeding economists’ forecasts of 8.1%.

U.S. tax bond funds were sold by investors for $7.72 Billion, a 95% increase in withdrawals compared to a week earlier. Meanwhile, municipal funds saw outflows of $2.76 Billion.

The largest weekly outflow from April 2020 to U.S. investment-grade short/intermediate funds was $7.28 billion. However, U.S. short/intermediate government & treasury funds lured inflows of $2.62 billion.

GRAPHIC: U.S. bond funds https://fingfx.thomsonreuters.com/gfx/mkt/znpnemylovl/Fund%20flows%20US%20bond%20funds.jpg

Investors sold U.S. equity investments worth $8.46 trillion in a fifth consecutive weekly outflow.

GRAPHIC: U.S. growth and value funds https://fingfx.thomsonreuters.com/gfx/mkt/movanoxwbpa/Fund%20flows%20US%20growth%20and%20value%20funds.jpg

For the seventh consecutive week, U.S. Growth Funds sold for $4.5 billion. Value funds also posted an outflow, worth $1.99 billion, after a week’s inflow.

Sector funds lost $1.24 trillion, $756 million, $677 millions, and $468,000,000 respectively in outflows.

GRAPHIC: U.S. equity sector funds https://fingfx.thomsonreuters.com/gfx/mkt/gkvlgkrbapb/Fund%20flows%20US%20equity%20sector%20funds.jpg

U.S. money-market funds saw net selling of approximately $7 billion for their third weekly outflow within three weeks.