Felipe Villarroel, a portfolio manager at TwentyFour Asset Management, said US Treasury yields could rise modestly as Federal Reserve Chairperson Jerome Powell is likely to have a "calm tone" in his much-anticipated Jackson Hole speech tomorrow. A cooling US labour market has sparked bets on aggressive rate cuts, which Powell is likely to counter. "The market is expecting a 100 basis point rate cut this year, which seems a bit over the top given the current data," said Villarroel, who expects a 50 basis point cut in September rather than 25 basis points. "The economy and labour market are decelerating, but still in good shape."