Central Banks
Fed’s Bostic Made Multiple Trades in Blackout Period Before May 2022 FOMC Meeting
- Atlanta chief’s money manager made 19 transactions in blackout
- Bostic moved all assets out of the managed accounts in 2022
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Federal Reserve Bank of Atlanta President Raphael Bostic made multiple trades leading up to the central bank’s meeting last May, revealing additional transgressions of the central bank’s trading rules that have since been disclosed and are under investigation.
A money manager acting on Bostic’s behalf bought and sold shares of 19 exchange-traded funds on May 2, 2022, according to financial disclosure forms released Thursday. The Federal Open Market Committee, the Fed’s policy-setting group, convened the following two days, ultimately raising interest rates by half a percentage point. Bostic was not a voter.