Shortly after Trump fired McEntarfer, Federal Reserve<\/a> governor Adriana Kugler said she would step down months before the end of her term in January. The opening on the Fed\u2019s policy-setting board paves the way for Trump to name a successor to chair Jay Powell, who is set to step down from the role in May 2026. <\/p>\n \u201cToo Late\u201d Powell should resign, just like Adriana Kugler, a Biden Appointee, resigned,\u201d Trump wrote on Truth Social.<\/p>\n \u201cShe knew he was doing the wrong thing on Interest Rates. He should resign, also!\u201d<\/p>\n The job changes at the heart of the US economic establishment came after the BLS\u2019s July jobs report showed that employment growth cooled sharply<\/a> over the past three months. Friday\u2019s report showed unusually large downward revisions to the May and June employment figures. <\/p>\n The president alleged that the data had been \u201cRIGGED in order to make the Republicans, and ME, look bad\u201d.<\/p>\n Sacking McEntarfer marked an unprecedented move by a president to intervene in the functioning of an agency that produces reports on the labour market and inflation, which underpin the pricing of trillions of dollars in assets globally.\u00a0<\/p>\n David Wilcox, the former head of the Federal Economic Statistics Advisory Committee, which was disbanded by the Trump Administration earlier this year, said firing the BLS commissioner would be \u201ca serious blow to the integrity of the US statistical system\u201d.<\/p>\n He added that it would raise questions among those who use the economic data about \u201cwhether the objective was to please the president or present the best possible picture of what\u2019s going on in the US economy\u201d.<\/p>\n A group headed up by the two previous heads of the agency, Friends of BLS, echoed that concern, noting that, \u201cwhen leaders of other nations have politicised economic data and destroyed public trust in their data infrastructure, the consequences have been dire\u201d.<\/p>\n The labour department confirmed on Friday evening that McEntarfer had been fired, and deputy commissioner William Wiatrowski would serve as acting commissioner for the BLS. <\/p>\n Trump\u2019s crackdown on the BLS comes amid increasing alarm among investors over the president\u2019s intensifying criticism of Powell for the central bank\u2019s decision to keep interest rates<\/a> on hold at restrictive levels for the past five meetings.\u00a0<\/p>\n Trump had last week visited the central bank\u2019s headquarters in Washington, berating Powell over monetary policy and cost overruns of a $2.5bn renovation project \u2014 in a rare public rupture between a president and Fed chief. <\/p>\n \u201cThe Economy is BOOMING under \u2018TRUMP\u2019 despite a Fed that also plays games, this time with Interest Rates,\u201d he wrote as he announced McEntarfer\u2019s firing. \u201cJerome \u2018Too Late\u2019 Powell should also be \u2018put out to pasture\u2019.\u201d<\/p>\n Recommended<\/p>\n
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