The (https://www.cnbc.com/2026/07/02/trump-account-investment-picks-are-state-street-blackrock-vanguard-etfs.html) State Street, BlackRock, and Vanguard ETFs for Trump Accounts—and everyone's calling it a passive equity win. It's not. The lineup is bond-heavy default glide paths, not broad equity exposure. What you're actually seeing is Treasury-engineered demand for fixed income in a cohort (high-earner Trump Account openers) that would've otherwise gone risk-on.

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