US 10-Year Treasury Yield Rises 3.10 Basis Points to 4.9435%

The move matters less for its size than for its shape: gains were concentrated at the long end, and the 2/10 curve steepened further into positive territory. That points to term premium and long-horizon risk being repriced rather than a simple shift in near-term rate expectations, since the two-year lagged. This affects anyone with long-duration exposure, from Treasury holders to rate-sensitive RWA and crypto carry structures benchmarked to the front end. Whether the long end keeps leading the move, and whether the curve steepening persists, is the open question worth watching.