Investors pulled more than $1.8 billion from the iShares 20+ Year Treasury Bond Fund (TLT) last week. This mass withdrawal ranks as the largest migration from the fund since March 2020. Investors’ sentiment has shifted away from long-term Treasurys as they expect the Fed to hold rates higher for longer. Yields on long-term U.S. debt have risen significantly as a result, impacting demand for the recent 30-year Treasury auction and prompting investors to reevaluate their positions in TLT.