Recent data on exchange-traded fund (ETF) flows indicates notable sector rotations within U.S. equities. Large Cap and Treasury sectors are currently experiencing the largest inflows compared to their historical averages, while Broad Municipals, Loans, and Investment Grade sectors are seeing outflows. Over the past week, the largest absolute inflows have been recorded in several ETFs: $SPY with $8.5 billion, $TQQQ at $3.9 billion, $VOO at $3.7 billion, $QQQ at $2.2 billion, and $BIL at $2.1 billion. Subsequent updates show that inflows into TIPs ETFs are also increasing, suggesting a potential anticipation of rising inflation. Despite heavy selling in consumer cyclical equities, overall inflows for U.S. equities remain net positive, with government bonds maintaining a strong position in the market.