Trump Fed Nominee Proposes Halting Monthly US Jobs Reports
President Trump’s Federal Reserve nominee has called for suspending the Bureau of Labor Statistics’ monthly jobs reports, arguing that the high-frequency data adds noise and distracts from long-term economic trends. In testimony before the Senate Banking Committee, the nominee warned that monthly non-farm payroll numbers can trigger sharp market swings and may mislead policymakers. Instead, they advocate shifting to quarterly or biannual updates to stabilize market expectations. Critics from both parties have condemned the proposal, citing transparency concerns and the risk of concealing deteriorating labor market conditions ahead of elections. Financial analysts caution that reduced access to regular jobs data could hamper Fed policy decisions and amplify uncertainty, potentially heightening market volatility. Crypto traders, in particular, may face increased risks as diminished economic signals make it harder to gauge Fed rate paths and dollar strength. The Senate is expected to vote on the nomination later this month.
Bearish
The nominee’s call to halt monthly jobs reports reduces transparency on US labor market trends and Fed policy signals. Historically, clear economic data releases have guided trader sentiment and interest rate expectations. Limiting jobs reports could heighten uncertainty about Fed rate decisions and dollar direction, prompting risk-off moves. Crypto markets may see increased volatility and downward pressure as traders struggle to assess underlying economic strength. Similar to episodes of reduced Fed communication in 2019, when limited data led to market swings, this proposal risks weighing on crypto sentiment in both the short and long term.