Reuters reports that BofA's weekly fund flow statistics showed that investors have taken money out of tech equity funds and loaded up on inflation protection amid fears the Fed might alter its ultra accommodative monetary policy as inflation picks up.

The week to May 12 saw the largest flows towards Treasury Inflation-Protected Securities funds in 23 weeks with an inflow of $1.9 billion, BofA said, citing EPFR data.

At the same time, tech equity funds saw their first outflow in five weeks.

All in all, equity funds saw $25.7 billion in inflows, while $13.6 billion went into cash and $6.9 billion went into bonds, BofA said.