US long-end Treasury yields fall over 14 bps intraday

The move is notable less for its size than for its shape: the long end led while shorter maturities lagged, steepening the curve rather than flattening it. That pattern usually reflects changes in term premium or duration demand rather than a simple repricing of near-term policy expectations. For crypto and RWA markets, which trade largely as long-duration risk assets, the relevant question is whether this is a one-day duration bid or the start of a broader repricing at the long end.