CNBC's Rick Santelli reports on news regarding bond markets.

U.S. bond yields declined after the release of weak jobs data, with all maturities experiencing a three basis point drop. The labor market appears to be weakening, although the extent of this trend remains uncertain. 

Equity market movements briefly pulled bond yields higher, but the effect was short-lived as the impact of the jobs data persisted. In contrast, Japanese 10-year government bond yields closed at a fresh 18-year high.

Weak jobs data pulls U.S. yields lower

Rick Sancelli joining us now with more on the bond report where I I suspect you will reference Japan Rick. Oh Absolutely, we'll leave the best to the end. Yes ADP look at a bar chart of one year definitely some deterioration Is it anybody's first choice when the day is all coming in on time? Probably not but anecdotally it seems to fit that the labor market is weakening just how much it's kind of hard to tell Look at a 12-hour chart of tens. You clearly see the week data took its toll early, but then yields turned up Briefly why well our last guest mentioned it and I use this chart a lot Let's put the S&P futures on top of 10-year and what you'll notice is that as the S&Ps Started to rumble higher it definitely dragged rates along with it That's happened about 10 20 Eastern But then it lost steam and it separated again, so you could actually say that the equities pulled rates up But then the lingering weakness in that jobs data took its toll and it ultimately is now as you see three basis points deterioration across all maturities And finally, this is a chart going back 18 years of Japanese tenure another fresh high yield closed Kelly back to you

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Breakdown