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United States: Equities favored over Treasuries – BNY

Geoff Yu at BNY argues that the loss of some U.S. exceptionalism has not translated into a broad exodus from U.S. assets. Cross-border investors maintain high U.S. equity allocations, supported by technology and AI themes, while trimming Treasury holdings as curve steepening raises duration risk.

United States: Equities favored over Treasuries – BNY

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