Depending on which "close" we're talking about, bond markets may actually break even by the end of the day.  In terms of the 3pm Treasury pit close, 10yr yields were only about one half of one basis point higher than yesterday's latest levels--essentially unchanged (and they're even closer at the moment).  Fannie 3.5s actually hit unchanged levels for a split second this afternoon, and remain close with 15 minutes left to go.

Bottom line, bonds shrugged off another jobs report that, by all rights, should have been a market mover. If you still find yourself surprised that bond markets aren't caring about economic data very much, today offered another great reason not to be. I've said plenty about this phenomenon today, so if you're interested, here you go.