Investment funds are playing a balancing act with government debt right now. Here's what the latest data reveals: they're quietly adding more exposure to longer-dated bonds—both the 10-year and 30-year Treasuries saw modest upticks in allocation. But the 3-year note? That's a different story. Funds pulled back there compared to last month.

What does this shift signal? Could be a bet on rate expectations changing down the road. Longer maturities getting love while shorter-term paper gets the cold shoulder—classic duration play. Whether this trend holds or reverses next month, it's worth watching how institutional money moves across the yield curve.