As the Trump administration enters its second term, Treasury Secretary Bessent's policy direction is showing tangible results in the bond markets. The 10-year yield has dropped 40 basis points, a notable shift given that the benchmark remains near 4-month highs. This compression in long-term rates reflects evolving expectations around fiscal policy and monetary conditions. For market participants monitoring macro trends, these Treasury yield movements matter significantly—they often signal broader shifts in risk appetite and capital flows that ripple across digital assets and traditional markets alike.