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Powell warns about data erosion; members raise concerns about BLS, EIA and OFR cuts
Summary
Chair Jerome Powell told the House Financial Services Committee that, while current official data remain adequate for Fed policymaking, he is concerned about a "direction of travel" toward smaller surveys and weaker measurement that could reduce precision. Members cited cuts and proposed cuts at the Bureau of Labor Statistics, the Energy
Several members asked Chairman Powell about the quality and sufficiency of official economic data.
Powell said he was "not concerned about the data today" but that he is worried about the "direction of travel"—shrinking survey scope and coverage—because careful measurement of the economy is critical to…
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