US Treasury bonds experienced a modest rebound following a relatively benign nonfarm payroll (NFP) report, with five-year yields rising 10 basis points ahead of a key $22 billion 30-year bond auction scheduled for Thursday. The auction is viewed as a critical test for demand amid rising long-term yields, fiscal concerns, and upcoming Consumer Price Index (CPI) data. Market participants have noted a flattening of the yield curve by approximately 20 basis points compared to recent levels, with some buyers emerging, particularly in the front-end of the curve. The Treasury auction is expected to be a focal point on Wall Street this week, reflecting broader concerns about debt sustainability and shifting investor focus from interest rates to fiscal stability.