Due to other personal obligations, I am finding way too little time to write on TES. However, I am collecting noteworthy stuff everyday by myself and referrals. I will begin to simply put some of the links in a weekly or fortnightly format. The idea is to provide some dots to connect (or argue against) – and every now and then some own piece. Of course you’ll get all of this served with occasional sarcasm:
FED basically confirms that it was front-run until June 2013
On 13th of May the Businessweek referred to an academic study that strongly suggests (’empirically robust’) that information about what next decision the FED would take, have been consistently leaked at least from 1997 to 2013. Soon thereafter Businessweek updated their article adding the FED statement. It says that the FED took measures last October (2013) to avoid this in the future. Of course, using the following contemporanous approach, nobody could expect that to happen. How could cow-bell-ringing possibly not be appropriate anymore in 2013 to make sure nobody leaks it before?
In response, Federal Reserve spokesman Joe Pavel said that the Fed “enhanced its media release security procedures” last October “to better protect the information against premature release.” The Fed used to ring a cowbell to announce when news media could send out reports over open lines. Now it seals reporters off from the outside world during the “lockup” and flips a switch to open the communications circuit when the news embargo is lifted.