How Trump's pre-jobs report tweet moved the market

Trump flouts federal rule with tweet touting job numbers

Eagle eye traders early on Friday sold their holdings of the U.S. 10-year note after President Donald Trump hinted in a 7:21 a.m. tweet that the May jobs report would be better than expected.

"Looking forward to seeing the employment numbers at 8:30 this morning", he said on Twitter, prompting outcry from many former officials.

President Trump's enthusiastic tweet before the release of Friday's jobs report may have breached a rule created to safeguard and depoliticize market-moving financial data issued by the federal government.

Within seconds of Trump's post, the USA dollar strengthened and Treasury yields rose, as investors anticipated the strong report they thought Trump had foreshadowed.

"He chose to tweet", Kudlow said, downplaying the matter.

Many on Wall Street questioned the appropriateness of the president tweeting market-moving news. The president's tweet appeared to be a tease of strong job numbers.

"We are looking at ways to bring temporary immigrants with temporary visas legally into the U.S.in a number of industries", Mr Kudlow told newsmen.

But investors weren't waiting for the official report.

"I apologize if we were a little excited, and we're so excited to see so many Americans back to work", Spicer said at the time.

Former White House economists from President Barack Obama's administration took to social media to argue Trump's tweet had upended decades of precedent and likely violated regulations about the handling of classified data.

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Kudlow, who also spoke on Fox Business Network, noted that while the White House was wrestling with Congress over legislation to address immigration long-term, "I think you're going to see some progress" on immigrant employment visas near-term.

"I don't know if people should object, but it adds a little extra uncertainty prior to the release that could impact what people in the market are thinking just before the data come out", he said.

The May jobs numbers, released Friday morning, were excellent. The information is protected so carefully that the chairman of the White House Council of Economic Advisers receives it only the afternoon or evening before its release.

The May jobs report was in fact a good one for a president who likes to brag about the strong jobs market. Employers added 223,000 jobs in the month, more than more economists were forecasting.

However, under a longstanding Office of Management and Budget procedure, USA presidents are briefed about the report by the chairman of the White House Council of Economic Advisers before the official release time.

To many traders it was clear that Trump was signaling the numbers would be good.

Kudlow said on CNBC.

The Republican National Committee pushed back against criticism of Trump's Friday Twitter post by pointing to a comment Obama made on February 5, 2009, the day before jobs data was released.

Tony Fratto, a Treasury Department official who worked in George W. Bush's administration, said that while not illegal, Trump's tease could be deemed inappropriate because "you want market participants to get their data from their government in predictable, official ways, not haphazard ones".

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