Two-year Treasury yield falls 3bp on Warsh’s dovish signal, down nearly 8bp on the week

The front end leading the rally while the long end sells off is the tell: Warsh's dovish signal is being read as near-term easing, not as a growth or inflation story, and the curve is repricing accordingly. That matters most for rate-sensitive corners of crypto and tokenized Treasuries, where the short end anchors yields and carry. The open question is whether a third straight weekly decline in the two-year extends into a genuine easing repricing or fades as a positioning move.