$STEEPENER - Buy short-end and sell long-end of yield curve through swaps for zero net carry, positioned for potential Fed independence loss and fiscal dominance
$OPTIONS - Options provide contractual protection against illiquidity risk, delegating liquidity management to the option provider in episodic liquidity environments
$GOLD - Gold as alternative diversifier given breakdown of traditional stock-bond correlation
Bearish:
$CDX - Credit default swap index at historically tight spreads, tighter than pre-GFC levels, driven by cosmetic yield chasing
$VOL - Volatility selling has become dangerously overcrowded with yields not justified by underlying risks
$BONDS - Bonds have provided poor diversification and dismal returns, particularly problematic when negatively yielding