US Treasury Yields Fall Broadly; 10-Year Drops 3.8bps to 5.2666%

The pullback in long-end yields from their highest levels since 2002 signals that the recent steep rise in term premia is meeting some demand, even as the 30-year remains elevated. For crypto and real-world asset markets, the more relevant read is the persistent gap between the 2-year and 10-year: a still-restrictive front end keeps the cost of carry high for yield-seeking capital. Whether the long end continues to retreat from these multi-decade highs, or merely pauses, is the open question for risk assets.