Come on, man. Go have some more ice cream. Ignore how they’re robbing you blind. And barely bothering to hide it.
Karine Jean-Pierre, the press secretary for President Joe Biden, quickly brushed off the question when it came in toward the end of her daily press conference Tuesday. No, she said, there was no chance that anyone in the White House leaked the November inflation report before its 8:30 a.m. publication. Too much fuss was being made, as she saw it, over what were just “minor market movements.”
How “minor” are those “market movements”?
Stock futures suddenly spiked more than 1%. Trading in Treasury futures surged, pushing benchmark yields lower by about 4 basis points. Those are major moves in such a short period of time — bigger than full-session swings on some days. And they should get scrutinized by regulators, long-time market observers say, even if a leak is only one of several possible explanations for why traders suddenly started buying right before the report was published.
Still, over a 60-second span before the data went out, over 13,000 March 10-year futures traded hands (during a period when activity is usually nonexistent) as the contract was bid up.
This, by the way, is coming from Bloomberg, not some right-wing publication.
The Biden administration and its racist hack, Karine Jean-Pierre, have gotten used to lying to people’s faces and expecting the media to echo its latest political and economic lies.
But no serious financial journalist or expert can swallow this.
Significant “trading activity ahead of market-changing news is suspicious and typically worthy of regulatory agencies making appropriate inquiries,” said Jerome Selvers, chair of the securities regulatory enforcement & litigation practice at Pashman Stein Walder Hayden. “This is unusual, especially given the reduction in inflation that was reported, which was well in excess of what markets anticipated,” he said. “Someone will likely look into it, whether it’s innocent or not.”
The ‘smart take’ is that we’ll likely never know because no one will investigate.
Unless investors get an update that the U.S. Securities and Exchange Commission or other regulators are investigating the potential leak further in coming days, investors will likely never know who or what was actually responsible for the suspicious market activity.
Yesterday, the New York Times ran a whole investigative piece on James O’Keefe of Project Veritas performing in a musical. The finances and associates of Trump and now DeSantis have been fanatically scrutinized, investigated and prepped for prosecutions. Yet we’ll probably “never know” who was responsible for massive trading at a time when there’s usually little activity.
Republicans are prepping a lot of investigations, most of which will lead nowhere and accomplish nothing except some posturing, this however is an area where some pressure might force an investigation.
Come on, man. Let’s see who suddenly decided to do a bunch of trading.