Bond yields remained steady as investors awaited crucial economic data and testimonies from Federal Reserve Chairman Jerome Powell. The benchmark 10-year Treasury yield hovered near 1.24%, unaffected by the upcoming release of nonfarm payrolls data and Powell's testimony in front of Congress.

Market analysts noted that the bond market is in a holding pattern as investors prepare for potentially market-moving events. Powell's testimony is expected to provide insights into the Fed's stance on inflation and monetary policy, while the latest jobs report could offer clues about the strength of the labor market.

In recent weeks, bond yields have been closely watched by investors amid concerns about inflation and the Fed's timeline for tapering its asset purchases. Rising yields have led to volatility in the stock market, with investors worried about the impact on borrowing costs for companies and consumers.

As bond yields continue to hold steady, investors will be closely monitoring upcoming economic data and Powell's testimony for any clues about the future direction of interest rates. Market participants are bracing for potential market swings as they navigate uncertain waters ahead.