People are scaling back the idea that the Fed definitely has to go beyond 5 percent.
With payrolls so close, people are looking at risk/reward and deciding to be safe.
That made a lot of people think that the Fed couldn't wait until March 20.
Claims took people by surprise. It makes it clear the Fed has not gone too far.
The inflation story embedded in this report is really not that bad. People are coming back into the labor force and wage pressures aren't showing, so this is generally good for bonds.