(Bloomberg) -- Worries about soaring inflation are prompting investors to dump fixed-income assets in favor of stocks, according to Barclays Plc strategists.

Angst about rising prices is reinforcing “TINA,” or there is no alternative, as a key reason to own equities, the strategists, led by Emmanuel Cau, wrote in a note. Equity inflows for October are broadly stable with last month’s, at $59 billion, while the amount attracted by fixed-income funds has dropped to $18 billion, the lowest since March, according to Barclays.

“Higher rates volatility has not spread to equities, as earnings give them a hedge,” the strategists wrote Wednesday.

While stocks paused a seven-month rally in September as rising inflation expectations and slowing growth revived fears of stagflation, they have rebounded 5.3% in October, supported by strong earnings. The Bloomberg Global Aggregate Index of investment-grade debt remains 4.3% lower in 2021.

Barclays strategists pointed out that investors reduced equity exposure in September-October, but are still in “buy the dip” mode, showing the fear of missing out still prevails among market participants, despite macro economic worries.

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