There were “whisper” numbers earlier this week suggesting nonfarm payrolls could come in closer to 1 million as opposed to the median forecast of 647k. And that’s not too far from reality (916k). Unemployment ticked down. Participation ticked up. Hours were WAY up. At other points in economic history, this big of a beat would have yields screaming higher, but so far today, they’re only spiking moderately. It seems unlikely that they’ll break above the recent highs before the 12pm early close. Either way, we’re still waiting on next week to cast the official vote on this week’s defense of the 1.75+ 10yr yield ceiling.