Markets have got more than one eye on today’s Non-Farm Payroll report with the rumour of a better than expected -475k doing the rounds late last night and this morning, putting upward pressure on Bond yields. 10 year US treasuries are again yielding above 3.7 %. I think it is interesting to compare the reaction to the last few payroll reports. When the market was in its nadir of depression an in-line payroll report was greeted with relief. Now that a degree of optimism has returned last month’s Payroll report was seen as a small disappointment to the reflation trade and the signs are with the ADP report and continuing claims the market may have the same reaction today.