U.S. President Donald Trump is moving to replace two key economic positions following unexpected resignations at the Fed and the Bureau of Labor Statistics. These changes come amid growing chances for an interest rate cut.
Resignations in Economic Structures
Last week saw two significant resignations: Federal Reserve Governor Adriana Kugler stepped down, while the President fired Labor Statistics Commissioner Erika McEntarfer. McEntarfer's firing followed a weak jobs report in July, and Trump accused her of manipulating employment data.
New Appointments on the Horizon
President Trump plans to name a new Labor Statistics Commissioner within the next 3-4 days. In a post on social media, he criticized the previous job report as a 'scam' and vowed to appoint an 'exceptional' candidate. Regarding the Fed, Trump is considering several candidates for the vacant position.
Crypto Market Reacts to Changes
The cryptocurrency market responded positively, reaching a market capitalization of $3.83 trillion, up 1.7% in the last 24 hours. Bitcoin has increased by over 1%, while Ethereum, XRP, and Cardano have surged by 3-5%. Moreover, an improvement in U.S.-EU trade relations has bolstered investor confidence across markets, including crypto.
These changes in economic leadership could significantly impact financial markets and cryptocurrencies. Trump's unpredictable actions in naming new economic leaders may lead to shifts in monetary policy and greater stability in the markets.
