BlackRock Investment Institute has ended its nearly six-year underweight position in U.S. Treasuries, upgrading short-term government debt to overweight and raising long-term Treasuries to neutral from underweight. The institute said yields at more than two-decade highs have become attractive and that interest-rate swap markets may be pricing excessive Federal Reserve tightening, with at least 75 basis points of additional rate increases implied over the next 12 months. BlackRock reduced U.S. equities to neutral from overweight and lowered its allocation to U.S. agency mortgage-backed securities. It said rising artificial-intelligence infrastructure spending and funding needs could increase near-term equity volatility, while maintaining its long-term positive view on AI.