Traders are taking stock in the $28 trillion Treasury market after days of frenetic price action, nudging long-term yields down from their highest since July as they assess the latest economic data and the impact of a Republican sweep in the US election.

Treasury yields are up after Federal Reserve Chair Jerome Powell said that economic data suggests that the Fed doesn’t need to be in a rush to cut interest rates. The selloff in Treasurys was most pronounced in short-term notes,

As expected, yields on short-term Treasury bills fell in kind, with the 3-month yield dropping from 4.87 percent on September 16 to 4.54 percent today. But surprisingly, longer-term yields moved in the opposite direction of the federal funds rate,