Will Jobs Data Finally Get Bond Market's Attention?

It's been a weird week so far with a crazy combination of significant intraday volatility and an absence of any major movement in the bigger picture.  Case in point, closing levels in 10yr yields have been 4.27, 4.27, 4.28, and 4.28 (at the 3pm CME) close.  That's an uncommonly flat week for closing levels, but even less common during a week with an absolute range of more than 13bps.  Stranger still is that the volatility has taken few--if any--cues from economic data.  Case in point, today's biggest market mover was the big sell off in UK bonds.  Does this mean markets may be less interested in reacting to tomorrow's jobs report as much as normal?  The answer is this simple: never bet against the jobs report's potential to make waves.  Sure, the ultimate level of volatility could be limited by next week's unknowns, but a lopsided result in either direction would still be almost guaranteed to push rates in the corresponding direction.