US 10-year Treasury yield jumps 12 bps to 5.1129%

The move is notable less for the headline level than for its breadth: front-end and long-end yields rose together, and the 10-year TIPS yield climbed nearly as much, pointing to a repricing of real rates rather than a shift in inflation expectations alone. The modest narrowing of the 2s/10s spread suggests the curve is not steepening on growth optimism but moving with the front end. Whether the long end holds these levels alongside a still-inverted real-yield backdrop is the open question for duration-sensitive assets.