2-Year US Treasury Yield Hits 4.79%, a New High for the Year

The front end of the curve is doing the talking here: a fresh yearly high in two-year yields signals that the rate debate is being repriced at the short end rather than the long end, which is where policy expectations actually sit. That matters most for rate-sensitive corners of crypto and tokenized RWA products, where carry and collateral costs are benchmarked to short-dated paper. The open question is whether this is a durable repricing or a momentum extension — the item gives no driver, so the catalyst is worth watching.