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The bond market has some second thoughts on the jobs data

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Yields quickly rebound

Yields quickly rebound

US 10-year yields are back up to 1.54% from a low of 1.46%. We’re seeing a smaller retracement in the dollar.

I think that some of this is disbelief and some of it is true skepticism of the number. I don’t think anyone is suddenly downshifting their view on the US economy because there are so many indicators out there that are good and jobs are a lagging indicator anyway.

At the same time, you have the Fed patting itself on the back and that’s a real factor and means the taper might take longer. Still, though, if this is a blip does it materially change the timeline for anything the Fed is going to do? Yes, we might see a more-measured and cautious tone from the Fed for the next month, but I suspect that’s the only lasting impact.

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