LONDON, (Reuters) – Investors piled in stocks, and dropped cash, gold, and bonds in the week leading up to Wednesday, BofA reported in Friday’s weekly flow tracking note.

In its EPFR-based note, BofA stated that equity funds attracted $30.5 Billion while bond funds experienced their first outflow within four weeks. Cash funds lost $43.5B, and cash funds lost $100M.

Michael Hartnett (chief investment strategist, BofA) stated that “Nobody’s short the equity market.”

BofA reported that in fixed income funds, both high-yield bond and investment grade bonds suffered the biggest outflows over four weeks. They accounted for $3.1 billion each, while $2.0 billion was their respective total.

U.S. stock prices attracted $9.0 Billion, while U.S. shares saw an inflow of $6.7 billion for the fourth week in a row.

Hartnett stated that “inflation is off the charts, oil prices are strong, supply bottlenecks still remain and less-acknowledged G7 employment rate close to 40 year lows = wage rise”, adding that this would mean that there will be a global rates shock in 2022.

There was no relief for the Dollar.

“U.S. dollar smacked despite 7% inflation, less than 4% unemployment, behind-the-curve Fed…because global investors’ belief is U.S. fading fast,” analysts at the U.S. bank said.