The $39 billion iShares 20+ Year Treasury Bond ETF has lost 48% from its 2020 all-time high and is trading at its lowest point since 2011, according to data compiled by Bloomberg. At the same time, IHS Markit Ltd. data show that bets against the fund have risen, with short interest as a percentage of its shares outstanding at its highest in about a month.
Investors have been adjusting to the reality of what the Fed has been messaging for a while: that rates will stay higher for longer.
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