Treasury yields took a hit this week as markets braced for Friday's employment figures. The numbers from December will be crucial—they could shape Fed policy expectations going forward. Meanwhile, there's also the Supreme Court's potential ruling on tariffs to watch. If they strike down those tariffs, it could significantly alter the US fiscal picture, which investors have been pricing in as a supportive factor for assets recently. Right now, the uncertainty around both data points is keeping bond traders cautious. Market sentiment hinges on whether these macro headwinds will strengthen or ease in the coming weeks.