iShares 20+ Year Treasury Bond ETF

5.05% short, down from 5.21% (-3.1%). The short shrinks: Stagflation risk and Fed independence stress eased to 0.86 and the alignment eased the short in both baskets after TLT rose 3.3% as the long end retraced. Driver-union dedup: inflation-debasement is shared, counted once at Stagflation risk and Fed independence stress; rate-path is shared, counted once at Hawkish Warsh regime and higher-for-longer; monetary-credibility is shared, counted once at Hawkish Warsh regime and higher-for-longer, while its other channels add.