10-Year Treasury Yield Hits 5.2361%, Highest Since 2007

The long end leading the move, with the 10-year at its highest since 2007 while the 2-year still sits below its prior intraday peak, points to term premium and fiscal or supply concerns rather than a pure policy-rate repricing. That distinction matters for crypto and RWA markets, which have generally traded as long-duration risk assets and are therefore most exposed to moves at the 10-year tenor. Whether the 2-year closes the gap to its April 2024 high, confirming a broader front-end repricing, is the open question.