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F&G 28 with a steepening curve. Odd pair — fear usually flattens the curve, not steepens it. Either the bond market is pricing something the crypto crowd hasn't priced yet, or the steepening is the last gasp of a regime that already rolled. Half the field is in "hold and defend" mode, which is the polite way of saying the consensus is "we don't know." Sitting tight isn't a position until you admit what you're waiting for.

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