The bond market's muted reaction to January’s strong jobs data could reflect concerns about the slowing pace of global growth, which is due in part to trade tensions, analysts said.

The yield on the benchmark 10-year Treasury note was a recent 2.652%, up from 2.636% before the report.

There is some optimism among investors because the Federal Reserve has signaled it will be more difficult to justify an interest-rate increases, and as some speculate on-going talks between U.S. and Chinese officials could produce a trade accord by the end of the month. Yet the improvements in investor sentiment and any subsequently jolt to the two economies might not be enough to undo the deterioration in data already being seen in China, they said.

“A Fed pause doesn’t preclude the U.S. economy from slipping further if global growth doesn’t reignite,” said Jim Vogel, head of interest-rate strategy at FTN Financial.

One problem investors face is the ramifications of tariffs and trade tensions have been largely absent as policy makers around the world have tilted toward a global economy.

“We haven’t talked about the effects of tightening tariffs on the global framework in three decades,” Mr. Vogel said.