President Trump has just fired the head of the U.S. Bureau of Labor Statistics:

But the downward revision of employment data may be just what Trump needs to persuade Powell to cut interest rates.

The Federal Reserve will only cut rates if inflation consistently falls to the target of 2% or if the labor market weakens.

Today's downward adjustment is -258,000, and combined with the weak July data, it actually raises the likelihood of a rate cut in September to over 80%.

Trump has already fired the commissioner responsible for producing this data, but this data certainly helps him lower interest rates.

The market is indeed in an unprecedented period.