Trump is in no-win of his own making on tomorrow's CPI report. If inflation is hot, obviously bad for him (and his rate cut hopes). If inflation is cool, lotta folks will question the data -- given that he fired the BLS chief after a jobs report he disliked.
Call for three rate cuts and get on the shortlist. BOWMAN, JEFFERSON UNDER CONSIDERATION FOR FED CHAIR: OFFICIALS Waller will have to move to 50bp cuts now. That’s exactly the kind of incentive structure they’re laying out.
Wall Street is concerned about the reliability of government inflation data on eve of CPI https://t.co/zPAdAeYHEY
The White House has begun interviewing candidates to lead the Bureau of Labor Statistics after President Donald Trump dismissed the agency’s commissioner earlier this month. The firing followed a weaker-than-expected July jobs report that revised employment growth sharply lower, drawing the president’s ire and renewing scrutiny of how the agency gathers labor-market data. Separately, people familiar with the process told Bloomberg that the administration is widening its search for the next Federal Reserve chair. Federal Reserve Vice Chairs Michelle Bowman and Philip Jefferson, along with Dallas Fed President Lorie Logan, have been added to a shortlist that already includes hedge-fund executive Warren Bessent’s preferred candidates. The chair’s four-year term is set to open in early 2026, but vetting is under way well ahead of a formal nomination expected this autumn. The twin personnel moves come as investors brace for the July consumer-price index reading. Market participants say the abrupt change at BLS and uncertainty over forthcoming Fed leadership could intensify doubts about the reliability of economic statistics and the central bank’s policy trajectory.