2-Year US Treasury Yield Falls 3bps to 4.86% as Yields Ease

A 3bp move in the 2-year is routine daily noise, not a signal on its own; what matters is the direction, since short-dated yields are the cleanest read on rate expectations. For crypto and RWA markets, which trade largely as long-duration risk, the marginal cost of leverage and the discount rate applied to future cash flows both lean on this part of the curve. The open question is whether this easing extends or reverses; a single session offers no trend.