Two-Year Treasury Yield Hits Highest Since Late April, Up 7.9bps Friday

The front end is doing the tightening, not the Fed: a 7.9bp single-day move that leaves the two-year near its April peak, with the heaviest action landing on the Fed's decision day, suggests the market is repricing the policy path rather than the outcome itself. The long end lagging — the 10-year up only 2.9bp on the week — keeps the curve story, and by extension duration-heavy and rate-sensitive crypto/RWA exposure, in play. Whether the two-year can clear the April high, or stalls below it, is the level worth watching.