Trump Breaks Protocol, Sends Market Signal on Jobs Report Before Data Released

AFP  Getty Images

AFP Getty Images

There's good reason to have deep concerns about Trump's propensity for breaking the rules.

Former U.S. Attorney Preet Bharara appeared to call for a congressional inquiry into the tweet, saying lawmakers had "the constitutional authority to investigate".

The unemployment rate dipped to 3.8 percent - the lowest level in 18 years.

When the report was officially released, the jobs market showed a strong growth.

The night before, under longstanding tradition, the president and several senior administration officials - including the Treasury secretary and the chairman of the Council of Economic Advisers - are briefed on the numbers, which they are not supposed to disclose until the report is made public at 8:30 a.m. Asked if he'll share it with Trump ahead of time again, Kudlow responded, "I have no idea".

A former White House press secretary nodded to the decades of norms that Trump broke. They clearly believe that Trump will deliver those things to them, protocol be damned.

President Trump pumps his fist to the crowd as he arrives at Ellington Field Joint Reserve Base in Houston, Texas on May 31, 2018.

May's jobs report is great news for America, but bad news for Democrats hoping to win election in November.

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Does the OMB restriction apply to the president?

Trump often wants to know the information as soon as possible, a person familiar with the briefings said, and receives the information on Thursday evenings, as he did this week when he was briefed by Kudlow. Is yours on the list?

"We've reached yet one more historic milestone with 3.8 percent unemployment, just announced", Trump said later Friday at a Coast Guard ceremony.

Moments later, the sell-off began, pushing the yield on the 10-year note from 2.8876 at the time of Trump's tweet to 2.8913 at 7:24 as traders left their safe haven play in favor of riskier assets such as stocks - which also moved upward.

At least one close observer of US financial markets viewed Trump's tweet as unusual. But we shouldn't say it's par for the course, either.

Viewing the tweet as unusual, Hunsader retweeted it.

"I don't think he gave anything away" in the tweet, Kudlow said in a separate interview with CNBC.

"He simply ignored the wall", New York University presidential historian Timothy Naftali said of Trump's post Friday.

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Other market experts offered mixed views about the widely noticed social media comment.

Naftali said Friday's comment by Trump was the latest example of the president's effectively acting as his own communications director, a role in which constantly touts reports he thinks make him look good and undermines data - even government data - that he dislikes.

MUFG's bond trading team "knew this was a enormous heads-up", added Rupkey.

The news comes even as Trump has announced new tariffs as high as 25 percent on imported steel and aluminum from the European Union, Canada and Mexico, triggering retaliation from USA allies and protests from American industry.

"He chose to tweet", Kudlow said, asserting that Trump had followed both the rules and past practices.

The incident marked the second time that Trump may have strayed beyond the boundaries set by the Office of Management and Budget directive.

Only schmucks wait until 8:30 a.m.to trade on monthly jobs figures.

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