(Bloomberg) -- Wall Street on Monday finally caught a respite from the deep selloffs and unusually sharp swings that have raced through markets ever since President Donald Trump unleashed his global trade war.

Most Read from Bloomberg

That was most evident in the Treasuries market. US government bonds rebounded from a five-day selloff that last week sent 10-year yields surging by the most in over two decades and fanned fears that an accelerating exodus from the securities would push the financial system toward a crisis.

The relief — however fleeting it may turn out to be — was echoed in the equity market, where major indexes saw modest gains after Trump extended a temporary tariff exemption to imports of smartphones and other electronics and did nothing new to accelerate his conflict with China.

“No news is good news in this environment,” said Adam Phillips, managing director of investments at EP Wealth Advisors.

“We’re not saying the bottoms are in — we’re hopeful they are — but things can flare up at any time. One press conference or post on X could spark new headwinds,” he said. “We’re not in the clear yet.”

The bond market’s recovery pulled down the benchmark 10-year Treasury rate by about 12 basis points to 4.37% as bonds advanced across maturities.

That drop eased concerns that built last week, when a steady rise in yields threatened to deal the economy another hit by pushing up the cost of all kinds of loans. There was speculation it could worsen as Trump undermines confidence in US policy, with some speculating that the Federal Reserve would potentially need to step in.

But yields had risen so much — and so quickly — that by Monday some on Wall Street were seeing it as a chance to buy, especially since bonds will likely gain if the economy stalls and the Fed resumes cutting interest rates rates.

Treasury Secretary Scott Bessent moved to tamp down concerns about the market in an interview with Bloomberg Television Monday, saying he has tools to steady it, like buybacks, if needed. He also said there’s no evidence that overseas governments are selling their stockpiles of Treasuries.

JPMorgan Asset Management’s Bob Michele, the global head of fixed income, said in an interview on Bloomberg Television that Treasuries may have hit bottom. Barclays Plc said five-year bonds were attractive given the “downside risks.”