10-Year Treasury Yield Hits 5.24%, 2-Year Falls 9.5bps

The split matters more than the level: the front end rallied hard on dovish Fed commentary while the long end barely moved, so the curve is doing the talking. That pattern implies the market is repricing near-term policy risk, not long-run growth or inflation expectations, which is the more benign reading. The open question is whether the 2-year keeps leading the 10-year, or whether long-end supply and term premium concerns reassert themselves and drag the whole curve back toward the earlier peak.