US 2-Year Treasury Yield Rises 4bp to 4.7124% During Warsh Press Conference

The two-year leg leading the move matters more than the headline print: front-end yields are the cleanest read on how markets are repricing the expected policy path, and a 4bp swing inside a single press conference suggests traders were actively revising that path as remarks landed, not reacting to the rate decision itself. The 10-year's rebound off its post-announcement low points to a curve move rather than a uniform duration selloff. Whether the front end holds these levels once the press conference fades is the open question.