Two-Year Treasury Yield Rises 4.92 Basis Points on Nonfarm Payrolls Day

The front end leading the move is the tell: a 4.92bp jump in the two-year against 2.27bp at the ten-year points to repricing of near-term policy expectations around the payrolls print, not a shift in long-run growth or inflation views. The weekly picture cuts the other way, with both maturities still lower and the two-year's post-election plunge intact, so the session move reads as a partial retracement rather than a change in direction. Whether the front end can hold these levels once the payrolls reaction fades is the open question, and it matters most for rate-sensitive corners of crypto and tokenized RWA yield products that track short-dated Treasuries.