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Clarida Traded Into Stocks on Eve of Powell Pandemic Statement
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Candidate
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Contributor | IndyGeorgia |
Last Edited | IndyGeorgia Oct 01, 2021 07:52pm |
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Category | Investigation |
Author | Craig Torres |
News Date | Saturday, October 2, 2021 12:40:00 AM UTC0:0 |
Description | Federal Reserve Vice Chair Richard Clarida traded between $1 million and $5 million out of a bond fund into stock funds one day before Chair Jerome Powell issued a statement flagging possible policy action as the pandemic worsened, his 2020 financial disclosures show.
Clarida’s trades, described in forms filed with the government ethics office, show the shifting of the funds out of a Pimco bond fund on Feb. 27, 2020, and on the same day buying the Pimco StocksPlus Fund and the iShares MSCI USA Min Vol Factor exchange-traded fund in similar dollar ranges. For the year, he listed five transactions.
The following day on Feb. 28, a Friday, at 2:30 p.m., Powell took the unusual step of releasing a statement saying the virus poses “evolving risks to economic activity.” In the same statement, Powell said the Fed was “closely monitoring developments and their implications for the economic outlook.” |
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