treasury yields fell on tuesday with the benchmark 10year rate reaching an almost sevenmonth low after us data on job openings reignited fears that the worlds largest economy could tip into a recession us data released on tuesday showed that job openings fell to a 21month low of 99 million in february from 106 million the month before in addition factory orders declined for the third time in the past four months down by 07 in february versus economists expectation for a 06 decline tuesdays data reversed the trajectory of yields which had been slightly higher earlier in the day as a calmer tone took hold across global markets after the data releases though traders and investors began to reconsider the risk that the us could be about to tip into a recession read we are going to see parts of the economy break recession fears move back to the forefront of markets for now traders are pricing in an almost 98 chance that the federal reserves main interestrate target will end the year below its current range of between 475 and 5 according to the cme fedwatch tool theyre factoring in a betterthannot chance of the fed pausing next month and in june and a 44 likelihood that the first rate cut could begin by julya pair of us jobs updates is set to arrive later this week the adp private sector payrolls report is due on wednesday and the us labor departments nonfarm payrolls data is released on friday when the us bond market will be open only for a half day australias 10year bond yield was down 6 basis points at 3267 after the countrys central bank left interest rates unchanged at 36 after a string of 10 consecutive hikes what analysts are saying the labor market is starting to loosen as the number of job openings declined in most sectors as the economy slows firms will likely cut openings and workers will be less likely to quit in search of better hours and higher pay said jeffrey roach chief economist for lpl financial in charlotte nc the fed could consider pausing rate hikes at the next meeting but only if the upcoming employment report shows signs of material weakness and the march consumerprice index report reveals lower inflation this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal