Bond bulls have been on parade since November 1st and especially since November 14th (CPI).  Since then, we haven't seen any real threats to the linear rally trend.  It's a testament to that bullishness that today's 10bp spike in 10yr Treasury yields actually still manages to fit inside that bullish narrative, even if only just.

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On another note, we've seen some analysis floating around out there that suggests the bond market is "over" the employment data and that inflation is the only thing that matters.  While it's true that inflation probably matters most, this week's two biggest doses of volume and movement suggest the labor market is still a hot topic (a claim that's only edified by the fact that today's jobs report wasn't exactly a huge beat).

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