MARKET REACTION: While a clear report in itself is not expected to alter the Fed's stance -- Powell Thursday repeated that it would be a while before the US is back at full employment -- there are concerns that a strong report might continue to pressure the long-end of the Treasury curve, lifting yields further upwards, which could also apply pressure to the equity complex. Conversely, a soft jobs report could perhaps rein in the long-end, although fixed income participants will begin to look to next week's long-end auctions, particularly within the context of questions that remain over whether SLR relief for banks will be extended beyond March, perhaps keeping the bond market on edge.