10-Year Treasury Yield Falls 5.48bp to 5.2289% After Reaching 5.3519%

The long end led the retreat, with the 30-year falling harder than the 2-year, which points to duration and term-premium pressure easing rather than a shift in near-term rate expectations. The 2-year's move was tied to reduced geopolitical risk after the Iran comment, a reminder that this curve is being driven as much by headlines as by policy. The open question is whether the 5.35% area on the 10-year holds as a ceiling or merely a pause, and whether the 2s/10s spread keeps narrowing from here.