US 2-year Treasury yield rises 15 basis points to 4.71%

A 15-basis-point jump in the 2-year is a meaningful repricing of the front end, the part of the curve most sensitive to near-term policy expectations, and it lands directly on rate-sensitive corners of crypto and tokenized RWA markets, where short-duration Treasury products compete with risk assets for yield. The scale of the move, rather than the level, is the story: single-session shifts of this size tend to reflect a repricing of expectations rather than a gradual drift. Whether the move extends or reverses in the sessions ahead is the open question, and it matters most for any market pricing off the short end.