E lon Musk’s DOGE may have completed much of its work in the federal bureaucracy, but the trickle-down effect from Musk’s chainsaw contributed to the downward employment revisions that drew President Trump’s ire and led to the now-infamous firing of the labor statistics commissioner.

Investors have long parsed economic reports on the labor market or inflation to help determine prices for stocks and bonds. But after weak jobs data on Friday prompted President Trump to fire Erika McEntarfer, the top Bureau of Labor Statistics official, the sacrosanct importance of U.S. government data to investors suddenly came into doubt.