NFP is out at a lower-than-expected 151k vs 190k forecast.  That part should be good for bonds, but there was offsetting data that sent bonds initially into weaker territory.  

The unemployment rate fell to 4.9 percent vs 5.0 forecast and the labor force participation rate INCREASED (normally, drops in unemployment can be explained away if the participation rate FALLS).  Average hourly earning also increased by a substantial 0.5 percent vs a 0.3 forecast and 0.0 previous reading.  That's a big deal given the current importance of earnings.

So far, these positives and negatives seem to be offsetting one another with bond markets holding close to unchanged on the day.  10yr yields are currently perfectly unchanged, in fct, and Fannie 3.0s are down only 1 tick.