Today's employment report shows 180,000 jobs added in March and upward revisions to the initial numbers reported for January and February. By the standards of the last couple decades, this isn't an especially big number. By the standards of the last couple years, it's a decent one, and it complicates a data picture that has been relatively weak lately.
It's unusual to get a jobs report on a day when the equity markets are closed, but even a half-day of trading in the bond markets--where bond prices fell and yields rose--tells us how the Street interprets these data: Less likelihood of a rate cut from the Fed in the next several months.