Headlines:US jobs report faces a higher bar as bond market tensions raise the stakesWhat is the distribution of forecasts for the US NFP?Stocks rebound as bond yields cool, but NFP threatens to reset the moodHow have interest rate expectations changed after this week's events?Eurozone inflation jumps to 3.8% in September as energy prices surgeECB policymaker Rehn flags energy and AI risks as rate outlook stays uncertainGold price consolidates below $4,200 as markets turn to NFP nextGold finds support as dovish Fed comments signal low appetite for tighteningSilver's selloff pauses as key Fed members push back against October rate hike betsBitcoin breaks out of the range as Fed's Jefferson comments reduce rate hike expectations furtherMarkets:10-year Treasury yields -1.6 bps to 5.22%CHF leads, EUR lags on the dayGold +0.1% to $4,180WTI crude -3.6% to $89.50European stocks higher; S&P 500 futures +0.4%Bitcoin +2.2% to $86,511It's all about the US jobs report today. And as we gear towards the main event, broader markets are looking calmer in European morning trade.The bond market continues to be the main driver and today, we are seeing yields fall back as investors await fresh clues from the non-farm payrolls before deciding on the next move.10-year Treasury yields are down to 5.22%, well off the high yesterday of 5.34% - which was the highest level since 2002. In Europe, 10-year German bund yields have also cooled to 3.40% - holding much lower compared to the high earlier this week of 3.65%.That is affording equities some breathing room as we see European stocks bounce back, with US futures also building on the rebound from yesterday. The DAX is up by 0.9% and CAC 40 up by 0.5%, while S&P 500 futures are up 0.4% ahead of the open.Lower borrowing costs is helping to provide stocks with a lift, alongside softer inflation worries as oil prices also drop on the day. WTI crude is down by over 3% to $89.50 as traders continue to weigh the situation in the Middle East in what has been a back and forth week for oil prices.In terms of data, we had euro area September inflation come in hot as the headline figure runs up to 3.8%. The core estimate also nudged higher to 2.5% in September from 2.4% in August, but the mild acceleration is still something that the ECB might be able to look past for now ahead of their October decision. Market pricing still shows just roughly 28% odds of a 25 bps rate hike for this month, not much changed from before the release.In other markets, the dollar is keeping more mixed on the day with EUR/USD being pushed lower to 1.1225 while USD/JPY is also slightly down to 157.68 today. Meanwhile, gold is keeping a mild bounce at $4,180 as the precious metal continues to consolidate just below the $4,200 mark.It's now over to the US jobs report to answer the question of whether the broader market relief we're seeing will hold - or if the bond vigilantes will return and unleash havoc before the weekend. This article was written by Justin Low at investinglive.com.