BLACKROCK ENDS ITS SIX-YEAR TREASURY UNDERWEIGHT BET

BlackRock's Investment Institute cut its longstanding overweight on US equities to neutral and moved short-term Treasuries to overweight, unwinding a bond underweight it had held since October 2020. The firm pointed to the 10-year Treasury yield near 5.25%, versus below 0.9% when that underweight began, as proof bonds now pay enough to lock in. BlackRock called the equity cut a short-term risk-management move around AI volatility, not a retreat from its AI conviction. Funds like $TLT, battered by this year's yield spike, just got the world's largest asset manager back on their side.