Breitbart Economics Editor John Carney has called on Congress and the U.S. Securities and Exchange Commission (SEC) to investigate the suspicious trading around the release of Consumer Price Index (CPI) numbers. Carney said he wants both authorities to investigate how people got the CPI data before it was officially released.
Carney made the remarks while speaking on Friday on Fox Business Network’s “Kudlow.” The host, Larry Kudlow, asked Carney to comment on a“ major CPI scandal” where there have been massive government bond trading just a few seconds before the CPI figures are released.
Carney responded by saying Congress needs to ask the White House who gets the numbers besides the Council of Economic Advisers (CEA) and the NSC.
Carney added that the huge amount of trading made in the right direction just before the numbers are released points to the fact that traders are getting the data before they are made public.
“It is a big scandal. The SEC should be — and I’m sure they are — they’re looking into this,” Carney said. “When I was an M&A lawyer, we used to — as soon as we announced a deal, the SEC would send us a letter that had the names of everybody who did unusual trading and basically, they’d ask, do you know any of these people? So, I’m sure right now, they are going through everybody who did unusual trades around — in front of the CPI and figuring out how could they have gotten this information.”
Carney suggested that authorities must find out where the leaks are coming from and block them.
The White House claimed it was unaware of any leaks of the data after a similar surge in trade happened just before the CPI data was released in December. President Joe Biden’s press secretary Karine Jean-Pierre denied any fraudulent claim and told press members that they were reading too much into the market moves.
“I can tell you this: There were no leaks from here,” Jean-Pierre said in December. “I can tell you definitively, or at least I’m not aware of any leaks.”