US 10-Year Treasury Yield Falls 4.1bps to 4.9551%

The move is a curve story, not a level story: the long end rallied while the front end edged higher, flattening the 2s/10s spread to just above +20bps. That combination suggests the market is repricing long-horizon growth or term-premium risk rather than near-term policy expectations, since the 2-year briefly touched its session low before recovering. For crypto and RWA desks, the relevant question is whether a flatter curve with a still-elevated long end sustains the duration-sensitive bid that often shows up in hard-capped assets; whether the front end keeps firming is the open question.