The recent ADP private payrolls data came in at 22,000, lower than the previous value of 41,000 and the expected 48,000, while the prior figure was revised down from 41,000 to 37,000. Especially since a partial government shutdown has delayed the major non-farm payrolls report this Friday, we can only use the ADP data as a reference. If the labor market cools at this rate, it will be difficult for the Federal Reserve to continue maintaining high interest rates or an aggressive QT stance. Therefore, the expectations of balance sheet reduction brought by Wosh's nomination could be reversed, and the market might start pricing in earlier and larger rate cuts to prevent the economy from shifting from a "soft landing" to a "hard landing."