10-Year Treasury Yield Tops 5%, 2-Year Up 28 Basis Points in Six Sessions

The front end is doing the work here: a six-session, 28-basis-point climb in the 2-year signals a repricing of policy expectations rather than a term-premium story, while the 10-year's marginal new high merely confirms it. That distinction matters for crypto and RWA markets, which have spent the past year trading as long-duration risk assets geared to the front end, not the long bond. Whether the 2-year keeps pressing toward its prior peak, or stalls as it did before, is the open question for risk appetite.