Despite missing the forecast by just a bit, today's NFP number is largely as expected (209k vs 225k f'cast and unemployment 3.6 vs 3.6).  Bonds initially cheered the fact that NFP was anywhere close to forecast in light of yesterday's ADP number coming in just under 500k.  But a job count over 200k is still quite strong--perhaps not the conclusive evidence of "labor market cooling" that will deter the Fed from its hiking agenda.