(Mark Pellin, Headline USA) While November’s consumer price index release this week showed inflation slightly cooling, delivering a lower than projected 7.1% hike from the previous month, the report’s release also cast a cloud over the Biden administration regime for suspicion of insider trading.
The janky activity started about 60 seconds before the CPI report was officially released, when stock futures mysteriously jumped more than 1% and Treasury volumes soared, Bloomberg reported.
It was an explosive surge that would bank on decent CPI numbers, prompting widespread speculation that someone in the Biden administration had leaked the CPI report to give benefactors an inside track.
“This is unusual, especially given the reduction in inflation that was reported, which was well in excess of what markets anticipated,” Jerome Selvers, chair of the securities regulatory enforcement & litigation practice at Pashman Stein Walder Hayden law firm, told Bloomberg.
Veteran market analysts told Bloomberg that such volatile activity in such a short time span should draw scrutiny, “even if a leak is only one of several possible explanations for why traders suddenly started buying right before the report was published.”
Smells like a leak. Tastes like a leak.
CPI 08:30 … estimate 7.3%. JPM says CPI ≤ 6.9% and SPX melts up 8-10%.
Today’s rally powered by covering puts. pic.twitter.com/pyWi7HqSBW
— nextSignals (@stephenharlinmd) December 13, 2022
Despite the extreme oddity of the trades, and what many financial insiders called an obvious link to a CPI leak, the White House comms team tried to run cover for the Biden regime, seemingly conceding there might have been leak while denying any suggestion of a leak.
“I can tell you this: There were no leaks from here,” press secretary Karine Jean-Pierre said. “I can tell you definitively, or at least I’m not aware of any leaks.”
“I can tell you definitively, or at least I am not aware of any leaks.”
LOL. Nice to know that the non-denial denial is still a thing. https://t.co/jruOMrDAZ0
— Ben Hunt (@EpsilonTheory) December 14, 2022
US Downplays Idea of CPI Leak After Pre-Report Trading: BBG
What did you expect them to say? “Yeah, we leaked it to a select group of cattle futures traders”
— zerohedge (@zerohedge) December 14, 2022
“People may be reading a little bit too much into this,” the insurrectionist press secretary ventured, describing the mysterious spike stock futures as “minor market movements.”
“over a 60-second span before the data went out, over 13,000 March 10-year futures traded hands”
They MUST get to the bottom of this. Front running on non-public information, presumably from public official leak must be investigated & prosecuted.https://t.co/DE1Z1TK0QU
— (((Howard Forman))) (sarcasm/parody) (@thehowie) December 14, 2022
