A 6-sigma beat of expectations in non-farm payrolls has sparked chaos across asset classes this morning.

Rate-change expectations have shifted hawkishly higher…

And treasury yields are surging – up around 10-15bps across the entire curve…

2Y bounced off close to 5.00%…

Equity futures immediately puked lower, led by Nasdaq…

The dollar is spiking…

…and gold is dumping again…

Will all this kneejerk action hold? Academy Securities’ Peter Tchir is doubtful:

“expect, as the day goes on, for many in the markets to question the veracity of this report and for the early losses in bonds and stocks to be dramatically reduced, if not finish the day and the week in the green!”

Nothing would surprise us less