Friday’s weaker-than-forecast U.S. payrolls report was gloomy enough to stem the biggest Treasuries rout in years.

Benchmark 10-year notes pared an earlier drop, with yields falling to 1.55% from 1.60% after the labor data. Two-year yields were virtually flat.

The relative calm was a departure from Thursday, when yields surged across the board on U.S-China trade optimism and strong U.S. services data. The jump in 10-year yields -- 9 basis points -- was the biggest since April, while two-year yields at one point were on course for their biggest jump in a decade.

Friday’s decline in yields following the job data is a “knee-jerk reaction given the fast and furious sell-off we’ve seen in the last couple days,” said Alex Li, head of U.S. rates strategy at Credit Agricole SA in New York. “The hurdle wasn’t high to end the selling.”

Market focus now turns to Federal Reserve Chairman Jerome Powell, who’s scheduled to answer questions in Zurich at 12:30 p.m. New York time. Futures traders are holding firm in their view that the central bank will cut rates again this month, by a quarter-point, and ease further by year-end amid falling inflation expectations and risks to growth from the trade war.

However, while the employment figures were enough to stem the bleeding, they’re unlikely to ignite a fresh rally to record lows in yields, according to Charles Ripley, investment strategist and fixed-income portfolio manager at Allianz Life Insurance Co.

“Looking at this report, I don’t think it’s weak enough to really push more safe-haven buying in bonds,” Ripley said. “It doesn’t feel like the Fed is going to come out and cut 50 at the September meeting.”