The president's war on market transparency
Add Axios as your preferred source to
see more of our stories on Google.

Illustration: Sarah Grillo/Axios. Photo: Brendan Smialowski/AFP via Getty Images
The Trump administration has taken several steps that could damage market transparency, presenting challenges for Wall Street investors and economists.
Why it matters: Reduced access to high-quality information will breed inefficiencies and inequity for investors, market participants tell Axios.
Catch up quick: It started last Monday morning, when President Trump posted on X to announce he was pushing for semi-annual earnings reports from public companies as opposed to the current quarterly requirements.
- Then Friday, the Bureau of Labor Statistics postponed a key inflation report.
Questions also remained about the Federal Reserve's independence.
- Trump's economic adviser Stephen Miran was confirmed last week to replace a Fed governor, while only going on a leave of absence from his White House job.
- He was then the only dissenting governor in the policy committee's interest rate cut vote, favoring a half-point cut in interest rates, raising questions about the central bank's credibility.
- Federal Reserve independence ensures that monetary policy is guided by data rather than politics and gives investors confidence that rates and inflation will be managed predictably.
- Without it, bond investors in particular could lose confidence in U.S. debt, pushing up yields and borrowing costs.
Zoom out: All this followed Trump's firing of the BLS head after a jobs report indicating cracks in the labor market.
What they're saying: "More transparency, more data is the answer, not less," said Joe Brusuelas, chief economist at RSM US.
- The White House did not respond to a request for comment.
Zoom in: Information is essential to investing.
- Any time access to information is restricted, institutional investors with greater access to data stand to benefit, said one market participant on background to Axios.
- Less access to public information could cause demand for private data to spike.
Between the lines: "Retail is f***ked," one strategist told Axios about how this dynamic could impact novice investors.
- If paid research becomes a hot commodity on Wall Street, institutions could end up with more information than retail investors.
Yes, but: There is arguably already an information gap in investing as the Wall Street firms and hedge funds have their expensive Bloomberg Terminals, while retail traders have Reddit.
