The US Treasury market just hit a notable inflection point. Tuesday saw the 10-year yield climb to its highest premium over 2-year rates since March—nearly nine months of momentum compressed into one move. What's actually happening here? Traders are essentially front-running expectations of more Federal Reserve rate cuts coming in 2026. When the long end of the curve steepens relative to the short end, it's usually a signal that the market believes near-term rates will stay elevated while the Fed eventually loosens policy further down the line. For those watching crypto and broader risk assets, this matters. A steeper yield curve traditionally encourages investors to reach for yield and take on more risk. The bond market's message is pretty clear—2026 is when the cutting cycle really accelerates.