Global investors withdrawn from stock funds for the second consecutive week due to inflation concerns and uncertainty over the US Federal Reserve’s June rate decrease.

The week saw a $2.9 billion outflow from global equities funds, with U.S. and Asian equity funds outflowing $2.7 billion and $1.9 billion respectively.

European equity funds received $891 million.

The technology sector saw a net $708 million withdrawal. Investor anticipation of potential rate cuts drove a $60 billion influx into global stock funds in the first quarter of this year.

Global bond funds saw significant inflows, totaling $12.8 billion, as expectations for a U.S. rate decrease were tempered.

UBS Global Wealth Management’s chief investment officer, Mark Haefele, predicted that the Fed may cut rates by 50 basis points beginning in September.