NFP is the biggest piece of economic data on any given month--so big, in fact, that financial markets treat it as a focal point for trading activity regardless of the outcome. As we know, stronger job creation is generally bad for rates and weaker job creation helps rates move lower. But sometimes, traders simply have trades they're waiting to make until they see how NFP comes in and how markets are reacting. Today was such a day. The weakness in bonds was too sharp to be justified by a jobs report that came in with weaker than-than-expected payrolls, even if wage growth was .