US 10-Year Treasury Yield Pulls Back, Last at 4.96%

A pullback in the 10-year yield is the kind of macro input that tends to loosen conditions across risk assets, including crypto and tokenized RWA markets, which have grown more sensitive to the rate backdrop. The move is modest and intraday, so it says little on its own about the direction of the broader rate trend. The open question is whether this retreat extends or proves to be noise within a still-elevated yield environment.