In the wake of the Fed announcement from 2 weeks ago, one key component of our bearish thesis was that bonds had to brace for the potential impact that would result from data being strong in the first week of October.  It is now the first week of October and data has been stronger.  This morning's JOLTS (job openings and labor turnover survey) is the biggest, baddest confirmation so far this week, and it's pushing yields to fresh long-term highs.  Pretty simple stuff, actually, even if unpleasant and unfortunate for fans of low rates...