10-Year Treasury Yield Rises 11 Basis Points on the Week; 2-Year Gains 3 Basis Points on Jobs Day

The intraday whipsaw around the payrolls print matters more than the weekly totals: both tenors spiked lower within a minute of the release before reversing, a pattern that suggests the initial read on the data was quickly repriced. The divergence is the real signal — the long end closing the week sharply higher while the front end finished lower points to rising term premium or inflation compensation rather than a simple rate-expectations story. Whether that curve steepening persists into the next data cycle is the open question for duration-sensitive crypto and RWA positioning.