(Reuters) – U.S. bonds funds experienced massive outflows during the week ending May 19, due to fears that the Federal Reserve might raise interest rates to maintain inflation control.

Refinitiv Lipper data indicates that in the 19th week of net selling, U.S. Bond Funds were sold by investors for $8.39 Billion.

(Graphic- Fund flows: US equities bonds and money market funds: https://fingfx.thomsonreuters.com/gfx/mkt/akvezrmgmpr/Fund%20flows%20US%20equities%20bonds%20and%20money%20market%20funds.jpg)

Jerome Powell, Chairman of the U.S. Federal Reserve said this week that they will continue to “push” for tighter U.S. money policy until inflation declines.

The investors sold U.S. Municipal Bond Funds worth $3.05Billion in the largest sale in just three weeks. They also exited Taxable funds worth $5.52B.

U.S. high-yield bond funds experienced $2.93 Billion in liquidation. This was the largest weekly net sale for five weeks. Short/intermediate investment grade funds also saw outflows of $3.74 Billion.

Meanwhile, U.S. short/intermediate government & treasury funds obtained inflows for a second straight week, worth $3.4 billion.

U.S. equity funds experienced a sixth consecutive week’s outflow of $3.85Billion, although sales were down 54% from a week prior.

U.S. large cap equity funds received $2.59billion inflows after five weeks of net-selling, while small- and medium-cap funds suffered outflows from $1.83 billion to $0.69b respectively.

U.S. value and growth funds saw net sales of $1.7 billion, and $200 million respectively.

Sector funds such as financials and consumer discretionary saw outflows in the range of $1.34 billion to $0.61 billion. However, utilities and healthcare attracted inflows valued at $0.78 billion to $0.69 billion.

Investors pulled $20.31 Billion from U.S. Money Market Funds as sales continued for the second consecutive week.