US 10-Year Treasury Yield Rises to 4.94% After Buyback Falls Short

A buyback falling short of target is a signal about dealer balance-sheet capacity rather than about demand for duration itself, and the yield reaction suggests the market read it that way. For crypto and RWA markets, the relevant channel is the discount rate on long-duration, cash-flow-based instruments, where a move toward 5% on the 10-year raises the bar for tokenized yield products to stay competitive. Whether the shortfall reflects a one-off operational constraint or a broader thinning of buyback participation is the open question worth watching.