BlackRock $BLK has decided the market is pricing too many Fed hikes. That is why it is buying short term government bonds. Those are the bonds that gain if the Fed does fewer hikes than expected and the yield gives it some protection if it is wrong. BlackRock thinks long term yields can keep rising as the government and AI companies compete for the same money. But the 10Y is now at 5.2% so it gets more income to cover that risk. So it raised long term bonds to neutral and stopped there. It cut US stocks to neutral to make room for the bonds. It still likes AI but wants to see how the policy and spending questions play out before putting more money into US stocks. I think this says more about how much bonds now pay than how BlackRock feels about AI.