Jobs report roiling bonds
* Overall jobs creation was weaker than expected in September (just 51,000). But August's number was revised up big (+60,000 from original estimates).
* Plus, the unemployment rate dropped to 4.6% from 4.7%. And wage pressures (up 4% YOY) remain at a five year high.
In other words, it looks like bond traders got a bit carried away. We'll have to see how this all settles out longer-term. But in early trading, December Long Bond futures have swung from a 15/32 gain in price right after the report came out to a 19/32 loss. Rates are up across the board.