The week closed with a blowout NFP print of 178,000 against a ~50,000 consensus, and Iran shooting down a US F-15 and striking energy infrastructure across the UAE and Kuwait. Over the weekend, the conflict escalated further. Iran claims to have downed two US C-130 planes and two Black Hawk helicopters, with state television broadcasting footage of wreckage. The UAE said its air defense systems engaged 23 ballistic missiles and 56 drones from Iran on Saturday alone — bringing the total since the war began to nearly 500 ballistic missiles and over 2,100 drones. The diplomatic back-channel is simultaneously more active than it appears: Witkoff confirmed last week that a 15-point US peace framework was conveyed to Iran through Pakistan as mediator; Iran responded with counter-conditions including sovereignty over the Strait of Hormuz and war reparations. Neither side is close to the other's terms.  The April 6 deadline is specifically set for 8PM ET Monday — Trump extended his pause on striking Iranian energy plants at the request of the Iranian government, citing ongoing talks. That deadline arrives into a holiday-thinned market, with European, UK, Canadian, and Australian centres largely closed for Easter Monday. Everything after — ISM Services, FOMC Minutes, Core PCE, and a CPI forecast at a staggering 0.9% m/m — plays out in its shadow.