Two-year Treasury yield rises 33 basis points this week

The front end leading the move is the tell: a 33-basis-point weekly jump in the two-year, with the three- and five-year close behind, points to repricing of the near-term rate path rather than a shift in long-run growth expectations. That matters most for rate-sensitive corners of crypto and RWA markets, where short-duration yields set the hurdle for carry trades and tokenized cash products. Whether the curve keeps bear-flattening or the long end catches up is the open question.