Investment flows into equities slowed while emerging market debt and equity funds saw the biggest redemption in ten weeks as concerns about surging inflation pressures and a China slowdown prompted investors to dump popular trades, BofA said on Friday.

Investors ploughed $11.8 billion into stocks and $77 million into bonds, in the week to Wednesday, according to BofA’s weekly flows note based on EPFR data.

Corporate credit across all classes saw money leave with high yield and emerging market debt seeing the biggest outflows at $1.8 billion and $2.5 billion each.

“The bear case is pandemic ending and so is $30 trillion of emergency policy stimulus and more bearish Wall St positioning reflects concerns regarding inflation and China,” analysts led by Michael Hartnett, chief investment strategist at the bank, said in a note recommending clients to “sell it”.

BofA analysts believe that policymakers and politicians are now worried inflation will damage growth and approval ratings, resulting in a broad-based policy pivot from pro-growth to anti-inflation policies.

The BofA Bull & Bear indicator meanwhile fell to 5.1 from 5.5, in the middle of the range as credit flows stall and the broader equity technical picture worsens.