Treasuries fell in a volatile trading session as a recovery in risk sentiment amid the deepening global trade war overshadowed a cooler-than-expected US inflation report.

The two-year yield, which reflects traders’ expectations for Federal Reserve policy, declined as much as four basis points to a session low of 3.90%, before rebounding to as high as 4%. The 10-year yield also whipsawed before rising as high as 4.33%.