"FOMC members, who have been encouraging markets to price in a December lift-off, will be encouraged so far. A calm response in Emerging Market foreign exchange however, opens the way for Treasury yields to push higher. A break of 2.35 percent in 10-year Treasurys may see an acceleration to the upside, and the more U.S. yields rise the more the dollar will be supported but equally, the greater the risk of risk aversion returning," Kit Juckes, global fixed income strategist at Societe Generale, said in a research note on Monday.
Following the jobs data, Capital Economics tweaked its end of year forecast for 10-year Treasury notes to 2.5 percent from 2.25 percent.
"The broad-based strength of the U.S. employment report for October has prompted a significant reassessment of the prospects for monetary policy in the U.S. over the next few years, putting upward pressure on Treasury yields in the process. Nonetheless, we think investors are still underestimating the extent to which the federal funds rate will rise over the next couple of years and think the sell-off in the bond market has further to go," Brian Davidson, economist at Capital Economics, said in a report out Friday.
Bew added that any significant move in the world's bond markets would occur after the Fed hiked, not before.
"If we don't see some sort of adjustment in the bond market over the next couple of years, that's telling you something really pretty alarming about the state of the world economy," he told CNBC.