The bond market has actually already shown an indifference to today’s econ information as a market mover (although we expect that to change with tomorrow’s jobs report). Today, however, the trend continues with more powerful unemployed claims and a huge uptick in labor expenses failing to influence a response. However there has been movement. A constant wave of over night selling pressed 10yr yields more than 3bps greater, quickly breaking above the 4.10% technical level. Attempting to plainly connect that relocate to underlying inspiration is an imperfect science, yet again. Oil rates and yields continue to associate, but yields increased quicker on a relative basis.
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