US Treasuries Fall After ISM Data, 30-Year Yield Leads Decline

The long end leading a selloff after a data release is the detail worth noting: it suggests the move is about growth and inflation expectations, or term premium, rather than a simple repricing of near-term policy. That distinction matters for duration-sensitive assets, including tokenized Treasury products, where the 30-year is often the yield that anchors the curve's signal. Whether the long end keeps leading — rather than the move fading as a one-session reaction — is the open question, and it turns on the next data points that shape the curve.