Investors bought U.S. growth stocks, dumped value this week

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Investors dumped U.S. value stocks and bought growth stocks in the week to Wednesday, according to BofA Global Research, a period marked by cooler than expected inflation data that sent bond yields lower.

There were $1.8 billion of inflows to U.S. growth stock funds in the week, and $2.6 billion of outflows from U.S. value stocks in the week, Bofa said in its weekly round up of flows in and out of world markets, citing data from EPFR.

The U.S. consumer price index was unexpectedly unchanged in May, according to Wednesday data, causing markets to increase bets that the U.S. Federal Reserve could cut interest rates twice this year. Traditionally, growth stocks perform well in a low rate environment.