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,

Rising US debt and economic headwinds suggest that further rate cuts may not effectively lower Treasury rates or other loan rates. Read my analysis here.

Federal Reserve Chair Jerome Powell said Thursday that interest rates are still expected to decline further, but suggested they might not be that much lower over the next few months.