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ISM Services PMI rose to 52, a 6-month high on stronger new orders and business activity, though import prices jumped to 54.6 as firms front-loaded for inflation and holiday demand. In contrast, ADP printed just 54k vs prior 104k and Challenger layoffs surged 39% m/m, aligning with JOLTS weakness and signaling labor market deterioration. The Fed’s Beige Book cited hiring delays amid demand uncertainty, while political noise intensified as Fed nominee Miran backed presidential influence on rates and Trump faced legal challenges. Markets priced deeper cuts, with UST rallying: 10Y fell 5.6bp to 4.161%, 2Y -2.88bp to 3.582%; Bunds eased ~2bp in the long end. Attention shifts to NFP (consensus 75k vs 73k prior) and unemployment at 4.3% vs 4.2%.