U.S. markets credibility at stake as White House attacks climate, economics

BLS chief's firing could be a trial balloon for a bigger attack on the Fed

This column is for Callaway Climate Insights subscribers only, but it’s OK to share once in a while. Was it shared with you? Please subscribe.

President Donald Trump’s firing of a government functionary because he disliked the monthly jobs data last week was a shock to America’s markets credibility, but it was no surprise to climate investors who endured a far worse attack only days before.

The White House has been systematically scrubbing the U.S. government of any reliable data if it doesn’t go along with the narrative of everything being great, a practice right out of Hans Christian Andersen’s “The Emperor’s New Clothes” or George Orwell’s “1984.”

It would be funny if it wasn’t so scary. Financial markets around the world depend on U.S. economic data to follow how U.S. interest rates will perform in the world’s largest market. The monthly jobs data is particularly important. Once that data is suspect investors will have no choice but to turn to other alternatives.