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July PPI rose 0.9% MoM, well above the 0.2% consensus and prior 0%, lifting the YoY rate to 3.3% vs 2.5% expected and 2.4% prior. Services surged 1.1%, over 70% of the gain, driven by machinery and equipment wholesale margins, portfolio management fees, and higher hotel and airfare prices. Goods rose 0.7%, led by a 1.4% jump in food as vegetable, beef, and egg prices climbed, indicating some tariff pass-through. From July, BLS ceased publishing ~350 series due to resource constraints, raising data quality concerns. Initial jobless claims fell to 224K from 227K, below the 225K forecast; continuing claims dropped to 1.953M, underscoring a still-tight labor market. Post-PPI, 2Y UST yields rebounded from over a one-week low, tracking a broad rise in core EU yields. UK Gilts led after Q2 GDP surprised at +0.3%. The 10Y UST, which had dipped to 4.1979% pre-data, climbed to 4.2946% intraday before settling near 4.28%, +5bp on the day. 2Y yields, down to 3.6513% earlier, spiked to 3.7449% and ended ~3.73%, +6bp, snapping a two-day decline. Focus now shifts to July retail sales (0.3% vs 0.6% prior), Aug NY Fed manufacturing (0 vs 5.5 prior), and Aug Michigan sentiment (62 vs 61.7 prior).