The Fed’s move to lower interest rates comes after the Bureau of Labor Statistics revised jobs numbers for 2024 through March of this year, finding that the U.S. economy added close to a million fewer jobs than previously reported. The report comes as President Trump politicizes the work of the BLS. Last month, Trump fired its commissioner, Erika McEntarfer, over revised jobs numbers. On Tuesday, McEntarfer made her first public remarks since her removal.

Erika McEntarfer: “Firing your chief statisticians for releasing data you do not like, it has serious economic consequences. The lists of countries that have gone down this route, it’s not a good list: Argentina, Greece, Turkey. The resulting loss of trust in economic statistics led these countries to worsening economic crises, higher inflation and higher borrowing costs.”