Investors are increasingly seeking refuge in cash while they rapidly rework their investment strategies amid growing signs that inflation is proving surprisingly resistant to rising interest rates.

In the week to last Wednesday, investors poured $US68.1 billion ($100 billion) into cash funds, according to a report from BoA Global Research, which cited EPFR data. This was the heaviest inflow into cash funds since April 2020, when global equity markets were roiled by the pandemic.