Bonds Selling But Not Panicking After Super Strong Jobs Numbers

Nearly an hour after this morning's surprisingly strong jobs report, 10yr yields are only 4.4bps higher at 4.19%. On a normal day, 4.4bps might be a fairly big sell-off, but it's a huge victory on a day where payrolls came in at 130k vs 70k forecast, and where the unemployment rate fell to 4.3 vs 4.4 expectations. Moreover, labor force participation moved 0.1 higher, which means the unemployment downtick is an even stronger sign (all else equal, unemployment will rise 0.1 if participation rises 0.1). The only knock on the data is that the healthcare sector did all the heavy lifting, and it was well outside the recent range of gains.