US Treasuries have largely recovered from early losses on Monday as traders prepare for an important week of economic data, including the release of jobs and a speech by Federal Reserve Chair Jerome Powell. A key Fed official has boosted odds for a potential rate cut in December to 70%. The recovery comes after yields peaked earlier in the session despite a weak manufacturing activity report that beat forecasts but had a weaker-than-expected prices component.
Source: https://www.bloomberg.com/news/articles/2024-12-02/treasuries-drop-as-market-braces-for-big-data-week-fed-speakers