US 2-Year Treasury Yield Turns Higher, Hits Intraday High of 4.6656%

The round trip in the two-year yield around the Fed announcement suggests the initial dovish read was faded, with the front end repricing toward a less accommodative interpretation of the same decision. Because the two-year is the most policy-sensitive point on the curve, its reversal matters more than the headline level: it signals that positioning, not the statement itself, drove the move. Whether the yield holds above its pre-announcement level once the knee-jerk flow passes is the open question.