After the astonishing non-farm payroll data was released yesterday, Trump directly dismissed the head of the statistics bureau. Such a situation, where an administrative entity directly intervenes forcefully in the release of macro data, has almost never occurred in major countries after World War II, especially among the G7 nations; it is an extreme tail event. The understanding of the king has once again made history.

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After the personnel change, it is likely that there will be a strict emphasis on providing positive guidance for the work of the statistics bureau.