Chaotic Week for Nervous Treasury Market Features U-Turn in Yields
- US yields rise at end of week, wiping out post-jobs data rally
- Bond traders scale back bets on aggressive Fed rate cuts
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A tumultuous week for global bond markets headed toward calm as angst over a potential US economic downturn — which spurred a Treasury rally and brief market meltdown — faded.
The yield on benchmark US 10-year notes has returned to levels seen before last week’s US labor-market report, wiping out most of the steep declines from early this week. Traders have also pared back expectations for aggressive and super-sized interest-rate cuts from the Federal Reserve.