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Economics

Trading Patterns Point to Leaks Ahead of Federal Reserve Announcements

(Update at 5 p.m.: Adds comment from the Federal Reserve and changes tense throughout to emphasize that the period under study was before the Fed’s enhancement of security.)

A research paper has found “robust evidence” that for years some traders got early news of U.S. Federal Reserve rate announcements and then traded on it during the Fed’s media lockup.