(Reuters) - Global money market funds saw huge inflows in the week ended May 26, Refinitiv data showed, amid caution that quickening inflation could alter the direction of U.S. monetary policy and shake up asset markets. According to Refinitiv data, money market funds received an inflow of $53.2 billion, the highest in four weeks. The higher inflows came as investors were watchful ahead of the report on core personal consumption expenditures to be released on Friday. Forecasters expect that prices for personal consumption goods excluding food and energy rose at a 2.9% annual rate in April, which would be the highest reading since June 1993, and beyond the Fed’s 2% inflation target. Various Fed officials have said they expect a pop in inflation to be temporary, and signalled policy will remain ultra-loose for some time, but markets are on edge. Graphic: Fund flows into global equities bonds and money markets - However, that didn’t deter the inflows into equity markets. According to the data, global equity funds attracted inflows of $8.84 billion, a 46% increase over the previous week, as stocks rallied somewhat, after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance. U.S. equity funds received $2.87 billion, while European equity funds and Asian equity funds obtained $2.47 billion and $1 billion, respectively. Data showing Eurozone’s business growth accelerating at its fastest pace in over three years in May also boosted sentiment. Among equity sector funds, tech funds attracted inflows worth $546 million after three straight weeks of outflows, while financial sector funds faced their first outflow in 16 weeks, hit by a decline in bond yields. Graphic: Global fund flows into equity sectors - Meanwhile, global bond funds also received inflows worth $8.25 billion, a 26% increase over previous week. Among commodities, precious metal funds saw net purchases worth $1.37 billion, the biggest in 16 weeks, as gold prices surged to a 4-1/2-month high this week. Graphic: Global bond funds flows in the week ended May 26 - An analysis of 23,865 emerging-market funds showed equity funds had net outflows worth $463 million, while bond funds had inflows worth $420 million after outflows in the previous week. Graphic: Fund flows into EM equities and bonds -