US 2-year Treasury yield rises to 4.743%, highest since July 2024

The 2-year yield is the purest market read on the Fed path, so a multi-month high signals that rate-cut expectations are being repriced rather than merely trimmed. That transmission matters most for duration-sensitive crypto and tokenized Treasury products, where the risk-free leg of the yield curve sets the hurdle for holding yield-bearing on-chain alternatives. The open question is whether this repricing reflects a durable shift in the policy outlook or a short-lived adjustment.