10-Year US Treasury Yield Tops 5.3% for First Time Since 2007

The long end is doing the work here: a 10-year above 5.3% for the first time since 2007, with the two-year still below it, points to term premium and fiscal supply rather than a fresh repricing of policy expectations. That distinction matters for crypto and RWA carry trades, which have leaned on a steep front end and a contained long end. The open question is whether the quarterly climb toward the 2000 peak continues, because the shape of the curve, not just its level, drives the funding math.