10-Year Treasury Yield Hits 4.9565%, Highest Since 2023

The move is notable less for the level than for its shape: the front end led, with the two-year adding more than the ten-year and the 2s/10s spread narrowing. That is a repricing of near-term rate expectations rather than a pure term-premium story, and it tightens the discount-rate backdrop that crypto and tokenized real-world assets have leaned on. The open question is whether the long end keeps pace, since a further steepening would say more about fiscal or supply concerns than about policy.