US Treasury yields have seen a notable rise this week, driven by a $42 billion sale of 10-year notes and positive economic indicators that have eased recession fears. Following a global market sell-off, the yield on the benchmark 10-year Treasury note climbed back to around 3.88%, while two-year yields also increased. The Fed's comments on maintaining an accommodative stance have led traders to speculate a 65% chance of a 50 basis point rate cut in September, with expectations of further cuts by year-end. Asian markets rebounded sharply following the rise in US Treasury yields, with Japan's Nikkei 225 index gaining over 10%. However, concerns remain about a potential hard economic landing as bond traders anticipate aggressive rate cuts from the Fed in response to slowing growth. Overall, the financial landscape is marked by volatility and uncertainty, with global implications as market participants adjust their strategies.