The Financial Post reports in its Friday edition that the bond market has lost its cool, and it is not coming back any time soon. A Financial Times of London item inside the Post says that the latest flip-out came earlier this summer, when one iffy jobs report from the United States briefly opened the jaws of hell across all major asset classes. July's non-farm payrolls report did clearly fall shy of expectations, with the U.S. adding 114,000 jobs over the month, against expectations of 175,000. It was a big miss, making the argument that maybe U.S. interest rates have been held too high for too long. But it was just one report. Still, government bond markets, and the suite of derivatives pegged to them that help investors hedge against or profit from moves in interest rates, nonetheless went bananas. These events are here to stay. Iain Stealey, a managing director at JPMorgan Asset Management, said this dynamic marks a break from the volatility-suppressing postcrisis years of low interest rates and official bond-buying schemes. Now, "you get a push and pull in the market, and the market is questioning central banks," Mr. Stealey told the FT. "It does seem to be that we're hanging on every data point."