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.
Ugly Sid says
Columbian pick pocket teams travel the globe fleecing everyone they encounter.
American trams are more sedentary. They already have the fattest targets.
Algorithmic Analyst says
Thanks Daniel! How Nancy got rich 🙂
Mickorn says
Who’s robbing you blind??? How are they robbing you blind???
How does a mystery market rally – even if there’s something fishy, EVEN if someone in the Biden administration is engaging in insider trading, for which there’s no evidence, just your baseless, slanderous innuendo – mean you are getting “robbed blind”?
Forget the blatant corruption of the Trump administration, which you brushed off or ignored for four years. Your hypocrisy is plain to see on a daily basis. But you don’t own the market. Insider trading is not the same as appropriating public funds. It’s the same as with Twitter and free speech. As with the protection of marriage rights for all people. You twist reality with your words to incite hatred, which anyone can see in your reader comments.
Ugly Sid says
Blatant corruption under Trump?
Odd I hadn’t heard of it.
Daniel Greenfield says
” a mystery market rally”
Crimes committed by leftists are always a mystery. While leftists always claim to know all the crimes committed by their opponents before they’ve even been investigated.
” Insider trading is not the same as appropriating public funds. It’s the same as with Twitter and free speech. As with the protection of marriage rights for all people.”
Insider trading is gay marriage and censoring conservatives on Twitter?
Bold take.
Kasandra says
I doubt she’s the only one. There’s a reason why people spend millions of dollars to obtain a position that pays $175,000 a year.
Daniel Greenfield says
true of so much of the government