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NEW YORK, Aug 5 - U.S. Treasury yields rebounded from one-year lows on Monday after a Federal Reserve official said weaker than expected jobs data for July does not indicate a recession, while solid U.S. services sector activity eased some fears that the United States is heading into an economic downturn.
But Chicago Fed President Austan Goolsbee said on Monday the data does not indicate a recession, while noting that Fed policymakers must carefully monitor changes in the U.S. economy to avoid being too restrictive with interest rates. "The ISM services report was pretty good," said Knightley."We're starting to see a little bit of calm return and a little bit of stability return" to the market.
The gap between two- and 10-year Treasury notes was last at minus 13 basis points, after earlier reaching 1.50 basis points. It is the first time it has turned positive since July 2022. Traders unwinding popular trades in which they sold the Japanese yen and bought U.S. assets has also increased fears of large portfolio liquidations across asset classes.
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