(Reuters) – U.S. stock funds attracted significant inflows in the seven days ended Aug. 21, supported by expectations of a Federal Reserve rate cut in September and easing concerns about a potential slowdown in economic growth.

Investors bought a net $5.97 billion in U.S. equity funds last week, the largest weekly net purchase since July 17, according to LSEG data.

A favorable inflation report last week and minutes from Wednesday’s Fed meeting, which pointed to a possible rate cut in September, fueled investor interest in risky assets.

Meanwhile, strong US retail sales numbers and positive consumer confidence last week eased earlier fears of a sharp slowdown and stock markets continued to rise.

Investors bought a robust $5.19 billion of U.S. large-cap funds in their largest weekly net purchase since July 24. They also bought $1.77 billion of small-cap funds, but sold $1.29 billion and $807 million of mid-cap and multi-cap funds, respectively.

Among sector funds, the consumer staples, financials, consumer durables and technology sectors attracted significant inflows, worth $768 million, $589 million, $309 million and $257 million respectively.

Meanwhile, investors pulled about $620 million out of utilities, breaking a five-week buying trend.

Demand for U.S. bond funds continued for the twelfth straight week as investors poured a net of about $4.43 billion into these funds.

US Treasury funds secured a robust $2.26 billion, the fourth consecutive weekly inflow. High yield and general domestic taxable fixed income funds also saw a notable $1.83 billion and $865 million in net purchases, respectively.

Meanwhile, money market funds remained popular for the third straight week as investors poured about $19.19 billion into these funds.