US Treasury Yields Surge Past Fed Target, Weighing On Stocks and Bitcoin

The yield on two-year US Treasury notes has risen to 4.31%, exceeding the Federal Reserve's target range of 2-3% and putting pressure on risk assets like stocks and Bitcoin.

Despite a weaker-than-expected US inflation report, traders expect interest rates to remain restrictive for longer, with possible hikes later this year.

Bitcoin is struggling to hold above $64,000, a key support level, and risks of a deeper correction if it falls below are increasing.