No recession in US

The economic data released over the last few days showed that recessionary risk in US is non-existent. All of those domestic slowdown worries during tumultuous summer months should now be abating. But why is there still so much strong buying of US treasuries? Two reasons: European debt crisis and world-wide economic slowdown. Traders are worried that good US data will not be enough to offset those huge underlying negative themes. So they grab the safety and send the yields down day after day.

Following is the TNX chart. I would like to see it bottom before I can say that risk can rally in sustainable way.

click on chart to expand