Amid growing political tensions, U.S. economic data—the backbone of government policy, financial markets, and household decision-making—is under threat. Originating during the Great Depression to stabilize economic policy, reliable data like GDP, CPI, and employment figures are now central to how the $30 trillion U.S. economy functions. However, recent developments—including President Trump’s firing of the top Labor Department statistician—have sparked fears that political interference may compromise the accuracy and impartiality of key economic reports.
This concern is amplified by staffing cuts, survey response declines, and the scaling back of inflation tracking, all of which raise red flags for investors, particularly in inflation-sensitive markets like TIPS. Experts warn that if trust in the data erodes, decision-making across the economy could become distorted, increasing risks for retirees, business leaders, and market participants alike. While a single firing may not break the system, persistent tampering or perception of bias could do long-term damage.
Bottom line: The integrity of U.S. economic statistics—long taken for granted—is becoming a political battleground, with serious implications for markets, monetary policy, and public trust.
That is according to President Trump, who ruled out nominating the US Treasury secretary to be the next central bank leader because “he wants to stay where he is.” Bessent, who’s taken an active role in defending Trump’s trade policies, had been widely floated as a potential replacement for current Fed Chair Jerome Powell, whose term ends next year (and whom Trump has repeatedly threatened to fire for not lowering interest rates). Other contenders for the job reportedly include Trump-appointed Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, and former Fed official Kevin Harsh. “Both Kevins are very good,” Trump told CNBC.
Google’s new AI model can generate 3D worlds in real time. According...
Google’s new AI model can generate 3D worlds in real time. According to the tech giant, its Genie 3 model can create interactive virtual worlds at 24 frames per second for up to a few minutes—significantly longer than previous versions. Google says the model is a key step toward achieving AGI (artificial general intelligence, aka humanlike intelligence) because it will allow the company to train AI agents in its simulated environments. For instance, AI-powered robots could be taught how to navigate a warehouse using its 3D replica, which uses realistic physics. However, Google cautioned that Genie 3 is still being researched and is not yet available to the public.
Israeli Prime Minister Benjamin Netanyahu is reportedly considering ordering a full occupation of Gaza, despite objections from some military leaders and opposition from the public.
Tesla sales in the UK and Germany tanked by nearly 60% last month, while sales for rival BYD soared by 400% in the UK and 390% in Germany.
US Transportation Secretary Sean Duffy, who is also the interim head of NASA, is set to announce plans to build a nuclear reactor on the moon, Politico reported.
Linda Yaccarino, who stepped down as CEO of X in July, was named the new chief executive of telehealth company eMed.
Sonos admitted that a “very low” number of customers have complained that their Roam speakers overheated and melted near the USB-C port.
Yum Brands failed to meet Wall Street’s quarterly revenue expectations following a recent shakeup in leadership and the fading cultural relevance of combination Pizza Hut-Taco Bells.
The American Petroleum Institute (API) estimated that crude oil...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, shrinking by 4.2 million barrels in the week ending August 1. Analysts had expected a 1.8 million barrel draw.
So far this year, crude oil inventories are up nearly 9 million barrels, according to Oilprice calculations of API data.
Gasoline inventories fell in the week ending August 1 by 900,000 barrels, after falling by 1.739 million barrels in the week prior. As of last week, gasoline inventories were 1% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories rose again this week, by 1.6 million barrels after rising by 4.189 million barrels in the week prior. Distillate inventories were 16% below the five-year average as of the week ending July 25, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 1.7 million barrels in the week. In the week prior, Cushing inventories had risen by 465,000 barrels.
Oil Prices Fall as OPEC+ Output Hikes Counter Russia Disruption Concerns
(REUTERS)- Oil prices slipped on Tuesday as rising OPEC+ supply and worries...
(REUTERS)- Oil prices slipped on Tuesday as rising OPEC+ supply and worries of weaker global demand countered concern about U.S. President Donald Trump's threats to India over its Russian oil purchases.
Brent crude futures settled down $1.12, or 1.63%, to $67.64 a barrel, while U.S. West Texas Intermediate crude slipped $1.13, or 1.7%, to $65.16.Both benchmarks settled to their lowest in five weeks.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned.
"The significant increase in OPEC supplies is weighing on the market," said Andrew Lipow, president of Lipow Oil Associates.
Also weighing on prices, U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, underscoring the ongoing drag of uncertainty over the Trump administration's tariff policy on businesses.
"The market now is going to see if India and China agree to substantially reduce the purchases of Russian crude oil, thereby looking for alternative supplies elsewhere," Lipow said.
