Jerome Powell: His trading activities, especially sales, have been leaked

Jerome Powell's term of office as Governor of the Federal Reserve is approaching, and even in the US the game is dirty, trying to throw mud on possible candidates. In this case the victim is precisely the current leader, in an attempt to reduce the chances of reconfirmation.

This morning, when the Prospect , a progressive media outlet, revealed the governor's 2020 financial transactions: According to this information among 26 publicly disclosed transactions in 2020, Powell sold between one million and five million dollars in stock from his personal account. October 1, 2020, followed by a sale of the Vanguard Total Stock Market ETF, or VTI, according to the disclosure forms reviewed by the Prospect. In the data you can find the sales, from 50 to 10 thousand dollars, of the VTI on September 21, a few days after the FOMC meeting of 15-16 September 2020, as well as a series of sales of between 15 thousand and 250 thousand dollars on the 18th. December, just two days after the FOMC meeting on December 16, this time in funds such as the MSCI EAFE ETF (EFA), the RUT Russell 2000 ETF, the Goldman US Equity Dividend and Premium Fund (GSPKX) and so on. There have also been purchases, but none of the size of sales.

The full breakdown of Powell's transaction is below:

Jerome Powell, who has worked for many years on Wall Street, is a multimillionaire with an estimated $ 17 to $ 55 million in assets, all of which are revenues from his multi-year business at Carlyle. The sales, however, occurred just before or after meetings of the FOMC, the committee that decides US monetary policy. Did he take advantage of his own inside information? Not much, given that he completely missed the last stock market rally that started in 2021. Didn't you expect it, or do you think it has no solid foundation?

So he wouldn't quite get it all right, despite his privileged point of view.

Despite this, it seems that Powell's chances of reconfirming have dropped slightly following the publication of these data.

Thanks to our Telegram channel you can stay updated on the publication of new articles of Economic Scenarios.

⇒ Register now


The article Jerome Powell: leaked his trading activities, especially sales comes from .

This is a machine translation of a post published on Scenari Economici at the URL on Tue, 19 Oct 2021 08:00:46 +0000.