Driving home yesterday my ABS andd TRACS Off lites came on. The subsequently went off after I restarted the car.

I did have to engage the ABS last week on my morning commute.

Any thoughts on why this lites came on and then went off?

The brakes were working fine, when the light was on

Thanks in advance,

Gregg

Thank you guys for the recommendation.
Here's the information you need.

Most likely your ABS Control Unit has failed. All of them will eventually fail after they reach 80,000 miles or 5 years.
Reading the ABS codes costs about $125.00 at the dealer and about 95% of the time, the diagnosis is a defective ABS Control Unit.

Vitor's ABS Web page

Brakes will work fine but you won't have ABS while the light is on. Mine does the same thing and it is becoming more frequent. Turn the car off...drive at at least 15mph and it will probably go off, but then come on again at intermittent times. This is a common issue with S70's. Eventually I'll have to take the ABS controller unit out, send it to Victor and have him repair and upgrade it (it will eventually completely fail) to last the life fo the car....all for about $150...a lot cheaper than replacing it with just another Volvo ABS controller that is bound to fail again in about 80,000+ miles. Do a search here and you'll find Victor's information.
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon

Seems you folks know about Victor and his wonderful ABS control unit repair service. I just did my 850 and saved over $450 as quoted by a Volvo shop. His website provides perfect details and pictures to remove and reinstall the unit. Hats off to this volvo savior.
http://home.earthlink.net/~vicrocha/Volvo_Parts/Volvo_ABS_removal.htm

Yeah, I've been delaying it as much as possible, but I'm going to take my unit off this weekend and go ahead with Victor. I've only heard great things about him.
MIJ
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1998 S70 T5 Emarald Green Metallic, 2004 V70 2.5T Ruby Red, Previous Owner of Black '94 850 Turbo Wagon