With the firing of the longtime head of the Bureau of Labor Statistics late last month and President Trump’s choice this week of a partisan economist to replace her, I’ve been thinking about the role of reliable, widely accepted data in financial decision-making. Every month, the BLS delivers jobs , inflation, and productivity numbers that investors, CEOs, and central bankers treat as gospel—or at least they have historically. The trustworthiness and regular cadence of those reports give markets a shared language for reacting in real time.

In climate circles, it’s taken almost as gospel that some climate risk remains unpriced by financial markets. The costs of extreme weather, supply chain disruptions, and falling labor productivity are all visible on the horizon, with ample academi

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