The bureau of labor statistics called and mailed about 60k households a little less than a month ago to ask them about their jobs.  Only 3.5% of the workers in those households reported that they wanted a job but didn't have one.  That's the lowest level in 50 years, and it stole the headlines today from the headline payroll count (incidentally, based on a survey of businesses that vastly improves the data integrity and sample size--thus the reason traders prefer NFP to the unemployment rate).

Perhaps that's why the bond market was able to shrug off the apparently stellar jobs headlines.  NFP didn't beat its forecast by enough to count and wages slumped at their fastest pace in nearly 2 years.  

As I'm fond of repeating, a strong labor market is old news.  The only significant labor market development would be a confirmed change for the worse.  Meanwhile, we had several other reports highlighting economic pressure that could eventually lead to a labor market slump unless something changes fairly soon.  With that in mind, it's no surprise to see 10yr yields near 1.50% and 30yr fixed mortgage rates at 3.625%.

Data remains front and center, but there's not much of it next week.  The Treasury auction cycle could create some volatility, and any big change in the consumer inflation data could have a bearing on Fed rate cut probabilities.  Apart from that, we're on guard for unexpected headlines and other geopolitical developments.