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Fed ethics office encouraged months-long ‘trading blackout’ by officials last year

by Mike Robinson

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© Reuters. FILE PHOTO – A man riding a bicycle in front the Federal Reserve Board Building on Constitution Avenue, Washington, U.S.A, February 27, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters] – The U.S. Federal Reserve encouraged its officials to observe a “several month” trading blackout in 2020 because the central bank was taking extraordinary steps to mitigate the threat posed to it by the coronavirus panademic. This is according to a memo that the Fed’s ethics department sent out to all top officials.

“In view of the rapidly evolving nature of recent and probable upcoming (Federal Reserve) System action, please consider following a trading ban and refraining from making unnecessary securities transaction for the least several months. This will be until FOMC (Federal Open Market Committee) or Board policy actions return their regularly-scheduled timing,” the memo dated March 23, 2020.

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