When the jobs report makes a big statement, bonds are more likely to exhibit elevated momentum and volatility in the following days. In more than a few past examples, a big jobs report can set the tone for the entire month--all the way until the next jobs report comes out. Perhaps it's the delayed release of yesterday's report and the resulting juxtaposition with tomorrow's CPI (also a relevant market mover), but bonds have immediately returned to the sort of sideways, uneventful trading seen on your average, boring trading day. In today's defense, it is fairly average. And the results from this morning's data (jobless claims at 227k vs 222k f'cast, 232k prev) are arguably boring.