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JOLTS openings fell to 7.18mn vs 7.38mn expected, a 10-month low led by healthcare, retail and leisure, while quits held at 2.0%; factory orders dropped 1.3% in line with consensus, underscoring softer demand. The Fed’s Beige Book pointed to flat-to-slowing activity, weaker consumer spending, immigration-driven labor shortages in construction, and corporates adjusting hiring and pay amid tariff and rate uncertainty. Fed officials voiced support for a September cut, with markets pricing higher odds as Trump’s push to reshape the FOMC raised concerns on central bank independence ahead of the Sept 16–17 meeting. UST rallied on labor softness, 10Y closed 4.2168% (-4.46bp) within 4.30–4.20% range, 2Y ended 3.6166% (-2.26bp) within 3.66–3.60%, while 30Y briefly touched 5% before retreating >10bp; Bunds followed with 30Y down >5bp. Global IG issuance remained heavy with $43bn priced in the US across 27 deals, >€47bn in Europe, and ~$10bn from Japanese corporates, yet robust demand absorbed supply. Focus now turns to ADP (~68k vs 104k prior), jobless claims (~230k vs 229k), trade balance, productivity, ISM Services (~51), and next week’s NFP/CPI for policy guidance.