10-Year Treasury Yield Rises to 5.0175% as Fed Holds Rates

The divergence is the story: the long end pushed above 5% while the front end rallied, a curve steepening that suggests the Fed's hold did little to anchor longer-run inflation or term-premium concerns. That split matters most for rate-sensitive corners of crypto and tokenized RWAs, where duration and carry narratives lean on the front end while valuation pressure comes from the long end. Whether the 2s10s spread keeps widening after the press conference reaction is the open question.