Bond Regime Shift: Yield Curve Steepening, Warsh Credibility Shock, Short-Term Borrowing Surge

30Y at 5.2%, yield curve steepening risk from Warsh's dovish presser; BofA flags September hike trigger. Warsh's plan to dismantle Ample Reserves Framework adds to regime shift. Global liquidity report challenges 'ample reserves' with dealer constraints and $4T hedge fund exposure. Treasury bills now 21.7% of debt above TBAC guardrail, Fed bill purchases create self-reinforcing loop, floating-rate nature increases rollover risk. New developments: equity-bond correlation flipped to +0.77 breaking 60/40 hedge; Warsh pushing to cut FOMC meetings to six, net liquidity formula signals slower dollar liquidity provision.