It was announced that Fed Vice Chairman Richard Clarida had traded between $1 million and $5 million in equity funds from bond funds, a day before Fed Chairman Jerome Powell issued a statement outlining potential policy action as the pandemic worsened.
The Fed cut interest rates by half a percentage point on March 3, 2020, following the emergency meeting of the Federal Open Market Committee.
Speaking on behalf of the Vice-President, a Fed spokesperson said, "Clarida's 2020 financial statement shows transactions that represent a preplanned rebalancing of its accounts. The transactions took place prior to its participation in discussions on Fed actions to respond to the outbreak of the coronavirus. selected with his approval. said.
Two Fed officials step down
It was revealed that Boston Fed President Eric Rosengren and Dallas Fed President Robert Kaplan also made active transactions in some investments in the last year.
The two officials announced that they would sell their stock holdings in their individual portfolios by the end of September.
Rosengren, who served as regional Fed chairman for 14 years after the incident, left the post on September 30, nine months ahead of the anticipated deadline.
Kaplan, on the other hand, announced that he would resign as of October 8.
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