While Republican and Democrat partisans battle over the meaning of this morning’s jobs report, the bond market is reacting with a yawn.

When the economy unexpectedly strengthens, bond prices fall — and bond yields increase.

An unexpected boom in jobs would send bond prices plunging and yields soaring.

However, the yield on 30-year treasuries rose just five basis points this morning, or 0.05 percentage point, to 2.94 percent.

The Vanguard Total Bond Market ETF is down just 0.1 percent.

The iShares Barclays 20+ Year Treasury Bond Fund is down just 1.0 percent — barely noticeable on a three-year chart:

In the eyes of the bond market, then, it appears the bleak U.S. labor market outlook has not fundamentally changed.