Trump's surprise appointment of a Federal Reserve governor and dismissal of the Labor Statistics Bureau director has sparked an unprecedented challenge to the independence of U.S. economic institutions. (Background: Taiwan's collective anxiety over semiconductor tariffs: What is the U.S. 'Section 232'?) (Additional context: Taiwan's 20% tariff) The New Taiwan Dollar has depreciated below 30, hitting a two-month low, and next week's semiconductor tariffs are the real monster. President Trump wants the Federal Reserve to cut interest rates immediately, and recently expressed dissatisfaction with non-farm data on Truth Social, claiming the data is completely fabricated and reduces the likelihood of an immediate rate cut. He immediately issued an order to dismiss Labor Statistics Bureau director McIntosh: We need accurate employment data. I have instructed my team to 'immediately' fire this Biden-appointed politician. She will be replaced by a more capable and qualified person. Personnel changes took a sharp turn: The White House takes action against the Fed and BLS. The timing of the BLS director's removal is extremely sensitive—only hours after the official announcement that July's new employment figures fell short of expectations and that the data for May and June was significantly revised downwards, Trump signed the dismissal order. Former director William Beach expressed outrage: 'BLS employees are the most loyal Americans, and the internal procedures are more rigorous than they were 30 years ago; there is simply no justifiable reason to fire the director.' Almost simultaneously, Federal Reserve governor Adriana Kugler announced her early departure, creating an opportunity for Trump to nominate a successor immediately. Candidates mentioned by the outside world include National Economic Council director Kevin Hassett, former governor Kevin Warsh, and current governor Christopher Waller. If the candidate passes smoothly, they could have the opportunity to take over as chairman after Powell's term ends in May 2026, potentially reshaping the monetary policy direction. Erosion of independence: The two major institutions are facing risks. The Fed governor's term is designed to be staggered over 14 years to isolate short-term political pressure. However, Trump has long been vocal about his dissatisfaction with 'high' interest rates, directly criticizing Powell as 'too angry, too stupid, and too politicized.' 'Powell should step down because he refuses to lower interest rates to what I consider appropriate levels.' If the new governor leans towards a loose stance, the market worries that short-term stimulus will replace long-term stability, driving up inflation and capital cost volatility. According to historical data compiled by the U.S. Chamber of Commerce, the independence of the central bank is highly positively correlated with low inflation records; once weakened, the market's expectation mechanism will be the first to suffer. For the BLS, the director does not directly compile or adjust data, but the dismissal undermines external trust in the institution's methodology and results. The Economic Policy Institute harshly criticized this move as 'undemocratic and economically dangerous,' warning that it could long-term push the U.S. towards the gray area of 'data manipulation for governance.' Institutional safeguards: What protective nets remain? For the Fed, presidential nominations still require Senate approval, and the presence of regional reserve bank presidents at the decision-making table helps diffuse the pressure brought by a single appointment. However, once the number of new governors exceeds half, the policy tone may still tilt significantly. The BLS does not have the same protections. Although the process follows scientific procedures such as fixed sampling, seasonal adjustments, and post-revision, the director's tenure is entirely at the discretion of the White House. Statistical advocacy organizations, including 'Friends of the BLS,' are urging Congress to legislate a term for the director to avoid 'aesthetic but inaccurate' data becoming the norm. Related organizations emphasize that losing credibility in data will make corporate investment, wage negotiations, and household consumption decisions a gamble. Market and global perspective: How does uncertainty ferment? Following Trump's announcement of the dismissal and potential nomination news, the dollar weakened slightly, and U.S. Treasury yields fluctuated, indicating a lack of consensus on future interest rate paths. Investors are increasingly concerned that if even official data may be 'adjusted on demand,' the demand for safe havens will spread globally. If the employment, wage, and inflation baselines relied upon by corporate internal budgeting models become unpredictable, it will force an increase in capital costs. Related reports: Trump angrily fires the Labor Statistics Bureau director! When 'truth' becomes a toy of presidential power, the U.S. economy is plunging into a blind storm. The U.S. sends nuclear submarines to threaten Russia! Trump: Medvedev's remarks are too provocative; I just want to stop the Russia-Ukraine war. Trump revealed he once considered 'splitting Nvidia' but found it too strong, and Huang Renxun responded with praise. 'Trump claims economic data is fabricated and demands immediate rate cuts: New Federal Reserve chairman and Labor Statistics new director to be announced within three days.' This article was first published by BlockTempo (the most influential blockchain news media).