Economists warn: Trump's actions will undermine the credibility of U.S. statistical data

Economists warn that the Trump administration's drastic cuts to federal staff and research funding could undermine the quality and credibility of U.S. "gold standard" statistical data. From employment reports to inflation indices, U.S. data can shake Wall Street's $105 trillion stock and bond markets in a matter of milliseconds, and it forms the basis for policies affecting the world's largest economy.

Ricardo Reis, a professor at London School of Economics and an advisor to Richmond Federal Reserve Bank said: "All federal fund cuts, as well as some layoffs driven by government efficiency departments... often deal fatal blows to already strained survey work." He added: "The surveys behind consumer price index data, gross domestic product - I think all these surveys could be affected."