Two Fed Officials Will Sell Their Shares

Two Federal Reserve (FED) officials will sell their shares. Boston and Dallas Fed chairman said they would sell all of their stock holdings.

Boston Fed Chairman Eric Rosengren and Dallas Fed Chairman Robert Kaplan have announced that they will sell all of their stock holdings in their individual portfolios until the end of September, following the latest financial statements showing that they made active transactions in some investments during a one-year period in which the central bank took strong steps to protect the US economy against Covid-19. The two chairman made the announcement with almost identical texts. Both of them said that they invested or kept the proceeds from sales in diversified index funds in cash. In a statement Boston Fed Chairman Eric Rosengren said, "My personal savings and investment transactions comply with the Fed's code of ethics, but by taking the steps I have outlined, I have decided to eliminate any apparent conflicts of interest." Dallas Fed Chairman Robert Kaplan also made a statement close to Rosengren's assessments. Both chairman made a commitment not to trade stocks during their terms.   You may also be interested 5 Developments to Watch Next Week – Fed Comments