The 20+ Year Treasury Yield (TLT) is experiencing significant inflows as investors shift towards long-term U.S. Treasuries, according to a recent report by BofA Global Research. The report, dated February 3, 2025, highlights that total U.S. fixed income funds saw robust inflows, particularly in mixed allocation, corporate, and long-term sovereign funds. This trend reflects a flattening yield curve bias, with intermediate- and long-term U.S. Treasury fund inflows picking up while short-term inflows cooled. "Custodial holdings at the Fed added $13 billion in U.S. Treasuries, while foreign reverse repo program usage declined by $18 billion on the week," BofA analysts note, suggesting a rotation by foreign officials into longer-duration U.S. Treasuries for yield enhancement. This shift comes amid a backdrop of recent U.S. dollar depreciation and could reverse if the dollar strengthens following new tariff announcements on Canada, Mexico, and China.