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What happened: U.S. equity funds experienced a decrease in inflows, with investors pulling out money in the week to June 10, marking the first weekly outflow in three weeks. This was driven by caution over a market selloff and expectations of a prolonged hawkish stance from the Federal Reserve. Despite the outflows, investors increased their exposure to the technology sector. Earlier, in the week through April 29, inflows had eased to a six-week low due to concerns over surging crude oil prices ahead of a Fed monetary policy decision. Additionally, in the week to May 20, U.S. equity funds recorded a second weekly outflow in nine weeks, with investors divesting a net $12.05 billion, as they locked in profits from a recent rally due to rising inflation and long-term borrowing costs.

Market impact: The decrease in U.S. equity fund inflows reflects a broader investor sentiment of caution and risk aversion, driven by concerns over inflation, rising yields, and potential Fed policy tightening. This has affected sectors like technology, which despite increased exposure, still experienced outflows. The selloff and profit-taking have led to a repricing of equity valuations, with investors seeking safer investments.

What to watch next: Investors should closely monitor the upcoming Fed monetary policy decisions, scheduled for June 15 and July 27, to gauge the central bank's stance on interest rate hikes and balance sheet reduction. Additionally, the release of U.S. inflation data on June 10 and June 14 will provide insights into the trajectory of consumer prices, which could further influence investor sentiment towards equities. Lastly, the upcoming earnings season, starting in late July, will offer a clearer picture of corporate health and guidance, which could drive equity fund flows.