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 1. Home
 2. Economy & Politics
 3. The Fed


THE FED


HERE’S THE LATEST STOCK-MARKET TRADING ISSUE INVOLVING A FED OFFICIAL

Last Updated: Oct. 4, 2021 at 7:42 a.m. ET First Published: Oct. 4, 2021 at 6:00
a.m. ET
By

STEVE GOLDSTEIN

  Comments




RICHARD CLARIDA, VICE CHAIRMAN OF FEDERAL RESERVE SYSTEM, SPEAKS DURING THE
NATIONAL ASSOCIATION OF BUSINESS ECONOMICS (NABE) ECONOMIC POLICY CONFERENCE IN
WASHINGTON, D.C., U.S., ON TUESDAY, FEB. 25, 2020.

Bloomberg
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Another day, another trading scandal?

This time the focus is on Vice Chair Richard Clarida. Citing financial
disclosure forms, Bloomberg News reported he shifted funds from a Pimco bond
fund into two stock-market funds — a day ahead of a statement from Chair Jerome
Powell about possible policy action as the pandemic worsened. Clarida’s trades
were worth between $1 million and $5 million.

The Fed said the transactions were a preplanned rebalancing, and the funds were
chosen with prior approval of an ethics official. The transactions also declined
in value after Clarida’s trades, as the stock market slumped as the coronavirus
pandemic spread outside of China.


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 “It was exactly the kind of autopilot trade public officials are supposed to
make. Unfortunately for Clarida, it’s not clear anyone cares. The timing,
coincidence or not, stinks,” said Chris Low, chief economist at FHN Financial,
in a note to clients.

Two Fed regional presidents resigned in the wake of their trading activities.
Disclosure forms reveal the two, Eric Rosengren and Robert Kaplan, made repeated
transactions.

The revelations of Clarida’s trading comes as the White House decides whether to
re-nominate Jerome Powell as chair of the institution, as a key Democrat, Sen.
Elizabeth Warren, said she would not support such a move.

“Wouldn’t it be handy to have a Fed aligned with White House stimulus economics?
I’m not saying, I’m asking: because speculating on what the Fed is going to do
involves knowing who the Fed will be,” said Michael Every, global strategist at
Rabobank.


READ NEXT


READ NEXT


PELOSI AIMS TO PASS INFRASTRUCTURE BILL BY OCT. 31, AS $3.5 TRILLION
SOCIAL-SPENDING PLAN SEEN SHRINKING

While the U.S. House has failed to advance a $1 trillion bipartisan
infrastructure bill, the long-awaited measure is still expected to become
reality this year, as Democratic-run Washington adjusts its spending plans and
deadlines.


MORE ON MARKETWATCH

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   invest, says an analyst
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   manipulation and theft,’ says left-leaning think tank
 * Facebook whistleblower shows 'self-regulation is not working' for social
   media, White House says
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   are scarce


ABOUT THE AUTHOR

Steve Goldstein


Steven Goldstein is based in London and responsible for MarketWatch's coverage
of financial markets in Europe, with a particular focus on global macro and
commodities. Previously, he was Washington bureau chief, directing MarketWatch's
economic, political and regulatory coverage. Follow Steve on Twitter:
@MKTWgoldstein.


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