10-Year Treasury Yield Holds Near 4.9917% After Fed’s Logan Comments

The move matters less for the yield level itself than for what it signals about the rate debate: a regional Fed president openly arguing for hikes, layered on top of Waller's remarks and a hot CPI print, points to a policy conversation shifting away from cuts. That repricing is being felt first at the front end, where the two-year's extension during the speech shows markets assigning real weight to hawkish Fed voices rather than treating them as outliers. For RWA and tokenized Treasury products, the relevant question is whether this front-end sensitivity persists — a higher-for-longer curve changes the carry math that underpins much of the sector's appeal.