US Treasury Yields Swing in V-Shape After 10-Year Hits 5.36%

The V-shaped session highlights how fragile the long end has become: the 10-year spiked to a session high before an auction result reversed the move, leaving it barely changed on the day. The real signal is in the curve — the 2s/10s spread widening to roughly 51 basis points alongside a lower two-year yield points to steepening driven by term premium and supply absorption rather than a shift in policy expectations. Whether that steepening continues, and whether auctions keep producing such sharp intraday reversals, is the open question for rates-sensitive markets.