It's not really an exaggeration to say "no one saw it coming" with respect to this morning's jobs report. NFP hit 353k versus a forecast of 180k. 100k+ beats happen, but not enough for economists to set their forecasts at those levels. Add to that the fact that revisions jacked up the past few months by a significant amount and it's no surprise to see bonds swooning.
While this is indeed a very large one-day sell-off, it's also been a very large rally week for bonds. It doesn't feel like it today, but yields are still lower week-over-week. The true test will be the next few weeks and especially the next CPI release (week after next).