Slight Headwind From JOLTS, But Scoreboard is Intact

The Job Openings and Labor Turnover Survey (JOLTS) didn't used to matter to the bond market.  That changed rather abruptly in the past 2 years as markets searched for clarity surrounding the unique post-covid labor market reality.  On some occasions, JOLTS has hit harder than the big jobs report itself.  Today's reaction is obvious, but not huge with slightly stronger job openings erasing overnight gains in Treasuries and taking MBS into modestly weaker territory.  Despite the victory for the opposing team, bonds can still point to the scoreboard for the past week and a half.