(11:05) Backed off into and following the supply news

(10:42) Cranking to new highs ahead of supply announcements

(8:54) Long end playing catch-up, 10-yr yield back off to 3.487%

(8:43) Trade jumps on the data with the short end leading and the 2-yr yield back under 1%

(8:08) Quietly lower with data and supply announcements due and the ECB done

Nonfarm Payrolls: Actual -467K, consensus -365K, prior -322K (revised  -345K)

Unemployment rate: Actual 9.5%, consensus 9.6%, prior -9.4%

Hourly earnings: Actual 0.0%, consensus 0.1%, prior 0.2% (revised from 0.1%)

Average workweek: Actual 33.0, consensus 33.1, prior 33.1

Initial jobless claims: Actual 614K, consensus 615K, prior 630 (revised from 627K)

Factory orders: Actual 1.2%, consensus 0.8%, prior 0.5% (revised from 0.7%)

Early close for financial markets

Job Hopping: Bonds were bounced better in extreme light trade with the mid-curve leading higher the majority of the session with the 5-yr swinging to 2.401% from a 2.518% yield since the report. The long weekend and sliding stocks aided some, while the upcoming $73B in issuance to hit next week helped keep a lid on prices. Now that the pretty poor jobs report is over and done with the market will concern itself with how to take down all the supply coming through in the 3-30-yrs. The market was given some support on the less aggressive comments from ECB's Trichet following their rate meeting while global bonds were generally higher. The curve was swung to the week's steepest levels early, but came back to a more flattened 250 on the 2-10-yr yield spread. The dollar was given a flight-to-quality bid while the euro was also hampered by a less than stellar economic outlook. The euro was backed off to the week's lows, ticking through to 1.3990 while losing ground steeply to the yen which rode along with the buck, getting back to 95.71 late. . The week ahead offers little in the way of data outside of the ISM services report Mon so the auctions will be the focus. The first of the auctions hit Mon with the $8B 10-yr TIPS, while the Fed will be in buying in the 4-7-yr space as they continue to work their outright bond buying. The markets are closed Fri. Have a great holiday weekend.