Jerome Powell has a substantial investment in Blackrock. Powell did shady things during the pandemic such as giving Blackrock billions of taxpayer dollars to gets its funds etfs from going under. Fed is the ultimate ruler of the US much more powerful then puppet Presidents or Congress..
These crooks are funny Blackrock loans out a lot of short shares. Loses $1.7 trillion dollars and on earnings the stock goes up 7%?
How BlackRock lost $1.7 trillion in six months
Synopsis
BlackRock management was quick to invoke the first-half market carnage when revealing the investment performance last week. “2022 ranks as the worst start in 50 years for both stocks and bonds,” Chairman and Chief Executive Officer Larry Fink said on his earnings call
By Marc Rubinstein
Bloomberg
Jul 20, 2022, 10:11 PM IST
BlackRock Inc. is used to breaking records. The world’s largest asset manager was the first firm to break through $10 trillion of assets under management. But the bigger they are the harder they fall. And this year BlackRock chalked up another record: the largest amount of money lost by a single firm over a six-month period. In the first half of this year, it lost $1.7 trillion of clients’ money.
BlackRock management was quick to invoke the first-half market carnage when revealing the investment performance last week. “2022 ranks as the worst start in 50 years for both stocks and bonds,” Chairman and Chief Executive Officer Larry Fink said on his earnings call.
While few firms are able to avoid what the market throws at them, some at least try to overcome it. BlackRock is increasingly giving up: At the end of June, only about a quarter of its assets were actively managed to beat a benchmark -- rather than track it seamlessly as passive strategies are designed to do. That’s down from a third when BlackRock acquired Barclays Global Investors in 2009 to become the leading player in exchange-traded funds.
Within the equities business, the divergence is especially pronounced. Across the industry, assets have leached away from active strategies and into passive. In BlackRock’s case, around $21 billion has flowed out of active equity in the past decade, with $730 billion flowing into indexed equity. The firm’s passive equity holdings are now 10 times larger than its active business, although it does operate some active multi-asset and alternatives strategies that narrow the gap.
For portfolio managers on the fixed-income side, the evolution of the business portends an ominous future.
BlackRock’s roots lie in active fixed income. Fink founded the company in 1988 around strategies that “emphasize value creation through security selection…and are implemented by a team of highly qualified portfolio managers employing a strictly disciplined investment process,” according to the 1999 listing prospectus.
Although the firm also launched the first US-domiciled bond ETF in December 2002, it didn’t catch on the way stock ETFs did. In BlackRock’s case, $280 billion has continued to flow into active fixed income in the past 10 years. Fixed income is the biggest slug of what’s left of the firm’s active-management businesses — it had $954 billion of actively managed bond funds as of June 30, compared to $393 billion of actively managed stocks. Passive has grown, but it’s only 1.5 times bigger than active in fixed income – a much smaller gap than in equity.
All that may be about to change. The collapse in bond markets this year has shaken money out of active fixed-income funds. BlackRock saw clients pull more than $20 billion during the first half of the year in a rout that has seen over $200 billion leave the industry. Some of that is rolling into passive funds, in particular ETFs, where BlackRock is picking up more than its fair share. So far this year, it has gained $39 billion of new money in ETFs and $25 billion in other indexed strategies. The shift toward passive that started in equity is now accelerating in fixed income.
Until recently, bond ETFs were viewed with suspicion. Back in 2015, investor Carl Icahn, sitting alongside Fink on TV, called BlackRock “an extremely dangerous company.” His rationale was that the firm’s ETFs embed illiquid bonds in unsuitably liquid wrappers. “They are going to hit a black rock,” he said.
Yet during the panic of March 2020, when bond markets froze, ETFs performed efficiently. They moved to a discount to the value of the underlying bonds, but that didn’t lead to a fire sale of the securities. Rather than transmitting stress, bond ETFs absorbed it while providing investors with much-needed liquidity. This real-life stress test validated the structure, and now that bonds are sagging, money is flooding across.
On his earnings call, Fink explained the benefits. He observed that investors are using ETFs to quickly and efficiently gain exposure to thousands of global bonds and recalibrate their portfolios. “The challenges associated with high inflation to rising interest rates are attracting more first-time bond ETF users and prompting existing investors to find new ways to use ETFs in their portfolios,” he said.
For now, BlackRock’s fixed-income portfolio managers are mounting a solid defense. Unlike their colleagues in equities, their performance has been relatively strong. In the first six months of the year, the funds they oversaw declined by 10.6%, marginally better than the firm’s fixed-income ETFs. According to the company, about half of taxable fixed-income assets are performing above their benchmark on a one-year view, compared with about a third of traditionally managed equity assets.
But if fixed-income follows the path of equities, the divergence between passive flows and active flows will only grow. “This is the early days of a major transformation of how people invest in fixed income,” said Fink last week. “We expect the bond ETF industry will nearly triple and reach $5 trillion in AUM at the end of the decade.”
By then, BlackRock could be a lot larger but its fortunes will remain firmly tied to the markets.
Synopsis
In the previous weekly note, it was categorically mentioned that the markets may resume their up move after a brief period of consolidation. Against the trading range of 390.35 points in the week before this one, Nifty moved 610.05 points this week as it added strength to its move. Among a few technically important things that took place, the one was that of the Nifty keeping its head above the crucial 16000 levels and then inching higher
The markets had a strong week much on the expected lines. In the previous weekly note, it was categorically mentioned that the markets may resume their up move after a brief period of consolidation.
Over the past five sessions, the markets continued to inch higher as they got stronger in the process. And with the conviction in the move, the trading range also widened as expected. Against the trading range of 390.35 points in the week before this one, Nifty moved 610.05 points this week as it added strength to its move. While moving past a few important levels, the headline index closed with net gains of 670.25 points on a weekly note.Among a few technically important things that took place, the one was that of the Nifty keeping its head above the crucial 16000 levels and then inching higher. In the process, the index also moved past the 20-Week MA which stands at 16580 levels. The most logical move is likely to take the markets to their 50-Week MA which is presently placed at 17073. Even the options data suggest the markets reaching this and also taking a breather as the highest Call OI is placed at this strike price.
However, this being said, it must also be noted that this may not happen without a brief consolidation that is very much likely to take place.
We enter the expiry week of the monthly derivative series and the coming sessions are likely to stay dominated by rollover-centric activities. The coming week is likely to see the levels of 16850 and 17000 acting as potential resistance points. The supports come in at 16550 and 16435 levels. The trading range will continue to stay wider than usual.
The weekly RSI is 51.69; it stays neutral and does not show any divergence against the price. The weekly MACD is bearish and stays below the signal line. However, the Histogram is sharply narrowing; the coming week may see this indicator showing a positive crossover.
A large white candle appeared on the charts. This reflects the directional consensus of the market participants on the upside.
The pattern analysis shows a couple of technically important points. First, the Nifty has moved comfortably above the crucial 15700-16000 levels. This was the support that the index had violated on its way down; it was then acting as a resistance when the Nifty was trying to move higher. Further, the Nifty has also moved above the 20- Week MA. Some consolidation and expiry-led moves are likely, but speaking on broader terms, it is most likely to head towards the 50-Week MA which is placed at 17073 levels.
The overall environment was stable; this was reflected in the volatility which came off further as compared to the previous week. INDIAVIX declined by 5.38% to 16.65. The coming week may see some defensives like Pharma doing good along with select financial pockets as well.
Apart from these, we are also likely to see laggards like IT trying to play some catch-up as well. Overall, the coming week is likely to stay highly stock-specific. It is recommended that all moves on the higher side must be used more to protect profits at higher levels rather than continuing with a blind chase of the up-move. There may not be major downsides on the cards, but profit booking from higher levels may not be ruled out.
In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.
The analysis of Relative Rotation Graphs (RRG) shows Nifty Financial Services Index has rolled inside the leading quadrant. It joins Nifty Auto, Bank Nifty, FMCG, and Consumption indexes that are also placed inside the leading quadrant. We can expect these groups to continue to relatively outperform the broader markets.
Nifty Infrastructure, PSE, and Energy groups are seen heading lower inside the weakening quadrant. Midcap Index while being inside the lagging quadrant is seen trying to roll back towards the leading quadrant.
Nifty Commodities and Metal indexes continue to languish inside the lagging quadrant. The Media and the IT indexes are also inside the lagging quadrant but they are seen trying hard to improve their relative momentum against the broader markets.
This may see some stock-specific outperformance from these pockets. Nifty Realty Index is seen rotating firmly while being placed inside the improving quadrant. Nifty Services index has also rolled inside the improving quadrant hinting at a potential end to its phase of underperformance against the broader markets.
Important Note: RRGTM charts show the relative strength and momentum for a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.
Fed Scandal Bigger Than Watergate?
Jay Powell traded during restricted blackout period; failed to disclose most trade dates; apparently lied about muni conflict; directed massive Wall St bailouts despite conflicts
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Occupy the Fed Movement
Feb 6
These are turbulent times not unlike the 1970s. Supply shortages, rampant inflation, domestic upheaval, foreign affairs fiascos. But some inane desire for “continuity” at Fed Chair is not worth sacrificing every principle for which America stands.
The Biden administration chose to reward corruption at the highest level of government by renominating Jerome H. Powell to Chair of the Federal Reserve Board. Next week, the U.S. Senate wants to rush a vote to bless corruption and confirm Powell in that powerful role. But reinstalling Powell as Fed Chair, after he presided over and is directly implicated in the biggest government official stock trading scandal ever, will be a permanent stain on American history — a national disgrace from which our country and its real economy will never recover.
Fed Chair Powell — who is supposed to serve in the public interest and avoid even the appearance of conflicts — traded millions in personal stocks and bonds while obstructing required public disclosures about those trades for years. Yet, the information that has slipped out is damning. It shows Powell made trades *DURING* the restricted blackout period for pivotal Federal Open Market Committee (FOMC) meetings. This is a shocking revelation and constitutes grave and inexcusable misconduct by a high-ranking U.S. government official.
Moreover, Powell directed policy decisions that directly advantaged his personal bond holdings despite longstanding federal conflicts of interest law, 18 U.S.C. § 208. And then he apparently told a brazen lie about it to the press by suggesting the Office of Government Ethics (OGE) said his holdings posed no conflict. FOIA requests confirm that OGE provided no such guidance in writing.
Set aside the fact Powell presided over the massive Fed trading scandal. His personal actions plainly bar him from serving in any government position of trust, much less the extremely powerful role of Fed Chair. Why hasn’t the media reported any of this? It seems most financial journalist are some combination of: (1) totally delusional, (2) under gag orders from superiors, or (3) complicit when it comes to systemic corruption at the Federal Reserve and Wall Street. Since mainstream media has failed our country, we are compelled to do what we can to help the cause of smaller outlets like Revolving Door Project and Wall Street on Parade in exposing the truth.
Powell Consistently Obstructs Disclosure of Most Trade Dates but Even His Deficient Filings Show Illicit Trades During Restricted Fed Blackout Period
Since being nominated to a seat on the Fed Board in 2012, Powell has been required to publicly disclose the amount ranges and specific dates (“month, day, year”) for personal trade transactions on OGE Form 278e.1 He has materially failed to comply with the required disclosures. Instead of providing specific dates for the majority of his transactions, Powell improperly groups trades of like securities behind the phrase “Multiple” on every OGE form he has filed.
Ex-Fed Regional Bank President Robert Kaplan — who retired early in disgrace after getting caught trading millions and even trying to time the market with S&P futures — employed the same scheme to obstruct public disclosure of trade dates. Journalists who have pursued long overdue disclosure of trade details have been stonewalled to date.2 Even demands for trading details by sitting members of the Senate Banking Committee that oversees the Fed have been ignored by Chair Powell for months.3
The limited information we actually have still paints a deeply disturbing picture. For example, take Powell’s disclosure for 2015 - a pivotal year when the Fed was considering policy normalization after the GFC. Powell recorded _57_ separate transaction entries.4 But 34 of the entries obstruct disclosure of dates through use of the “Multiple” artifice. That means Powell must have executed more than NINETY (90) separate trades in just one year, all while sitting on the Fed Board with unfettered access to highly material non-public financial information.
Worse still, a significant number of trades were executed during the restricted blackout period leading up to and through the final day of FOMC meetings. Ironically, when the trading scandal broke, a Fed PR spokesperson touted that Fed officials like Powell are subject to stricter restrictions like no trading during the FOMC blackout period — “10 days ahead of policy meetings through midnight of the final meeting day.”5 Yet, Powell had at least 6 sales transactions and 1 purchase on April 29, 2015 — the day of the final FOMC meeting.6 He also made 2 purchases on December 11, 2015 — 3 days before the FOMC’s December 15-16, 2015 meetings.
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How do we know Powell wasn’t using “Multiple” to hide disclosure of far more transactions during the restricted blackout period? We’re only scratching the surface, and this is just a single year of Powell’s long tenure. Moreover, Powell’s illicit trades were not isolated to 2016, it continues unchecked through the present.
Again Powell made 5 securities trades on December 11, 2019 — the day of the final FOMC meeting over which he presided as Fed Chair.7 This all may be a bit unbelievable, but the sources are publicly available and footnoted below. The size or success of Powell’s trades are irrelevant to whether Powell violated requirements.
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Experts agree the problem with all this is Fed officials (and especially the Fed Chair) “have material nonpublic information all the time” — in fact it’s “the most important information that you can make the most money on in the quickest period of time.”8 While the Fed has touted new forthcoming trading rules that are more restrictive, one of the few existing restraints on Fed officials is the financial trading blackout around FOMC meetings. Powell could not even abide by that.
Powell’s trades during the pandemic have also drawn at least some scrutiny. Indeed, Powell sold between $1-5 million in stock in October 2020 just prior to a significant market downturn.9 See Robert Kuttner’s piece in the American Prospect (https://prospect.org/economy/powell-sold-more-than-million-dollars-of-stock-as-market-was-tanking/). Mr. Kuttner suggests a possible saving grace is that “[n]one of Powell’s sales happened during the blackout periods for 2020.” Of course, as you now realize, there is no way to verify that statement due to Powell’s obstruction.
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President Biden and some Senators just want us to ignore these habitual violations and take Powell’s word for it that he didn’t trade on material non-public information. Now see, that’s a problem for us. Because not only did Powell make at least a dozen trades during the blackout period while also obstructing disclosure of the majority of his trade dates, he also seems to be covering up another major conflict.
Powell Failed to Recuse Himself from Matters Directly Impacting His Municipal Bond Holdings and Then Apparently Lied to Reporters About It
Federal conflicts of interest statute 18 U.S.C. § 208 has been on the books for decades. “Under 18 U.S.C. § 208, an employee is prohibited from participating personally and substantially in any particular matter in which the employee knows they have a financial interest directly and predictably affected by the matter…”10 The statute applies to all types of financial interests, including municipal bonds where the matter “would have a direct and predictable effect on the value of municipal bonds or, in rare cases, the financial stability of the issuer...”
In March 2020, Fed Chair Powell made the unprecedented decision to intervene in the municipal bond market and purchase municipal bonds and ETFs directly as part of its “kitchen sink” response to the COVID-19 pandemic. The Fed had never made such a move, even during the depths of the Great Financial Crisis. The Fed’s intervention rapidly “propped up” the muni market and then some. The Fed spurred muni borrowing to a 10-year high and drove “riskier issuers” into the market.11
Fed Chair Powell actively bought and sold both specific muni bonds and actively-managed muni funds leading up to his unprecedented decision. The widely-distributed financial magazine Barron's even wrote an article touting Powell’s moves as a potential trading strategy in 2019.12 The Fed even purchased one of the specific Illinois muni bonds also held by Powell’s trust.13
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One of the few financial journalists left with some backbone is Steve Liesman at CNBC. At the September 2021 FOMC press conference, Mr. Liesman questioned Powell about the propriety of owning the same assets the Fed decided to buy.14 Instead of responding forthrightly about deciding to act despite his conflict due to emergency circumstances, Powell tried to cover up the nature of his conflict and made matters far worse.
Powell responded to CNBC’s Liesman: "I personally owned municipal securities for many, many years, and in 2019, I froze that...the lore was that the Fed would never buy municipal securities...and I reversed that." Powell did not "freeze" his muni trading in 2019 before the Fed decision. As reported by the Revolving Door Project, Powell "neglected to mention that he’d personally purchased shares [in 2020] in several actively-managed municipal bond funds [from Goldman Sachs]."15
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Powell then dug himself deeper and asserted that he had "checked with the Office of Government Ethics … who looked at it carefully and said that I didn’t have a conflict." This broad, unsupported assertion is astonishing. Powell is suggesting that OGE undertook a careful analysis of whether his muni holdings posed a 18 U.S.C. § 208 conflict when directing Fed policy on the unprecedent muni intervention. And Powell asserts that OGE said he had no conflict.
Well, thankfully there is something called the Freedom of Information Act (FOIA) that helps the public to verify such a statement. And the Revolving Door Project used FOIA requests to do just that.16 The results are shocking as they yielded zero written communications or documents to support Powell’s assertion:
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So what did OGE really think or say? Well, in December 2021, Powell signed a new Ethics Agreement that requires him to dump all of his muni bond holdings.17 And in it, OGE clearly believes that Powell’s muni holdings pose a potential 12 U.S.C. § 208 conflict.
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Suffice to say, Powell should have obtained an express waiver or recused himself from all decisions relating to his muni bonds back in 2020 and allowed others on the Board to direct policy. Failing that, he should have just owned the fact that he mistakenly violated 18 U.S.C. § 208 due to emergency circumstances. We find it implausible that the Fed Chair didn’t brazenly lie about non-existent guidance from the Office of Government Ethics. Powell has utterly betrayed the public’s trust in this whole episode, and the press has failed to call him out on it.
Powell Directed Massive QE Purchases and Bailouts Despite Major Conflicts
Maybe it’d be easier to look past these grave personal transgressions if Powell’s entire net worth and career wasn’t riddled with massive conflicts. For example, despite owning millions in the investment firm’s proprietary equity funds, Powell awarded Wall Street behemoth BlackRock with large no-bid contracts to run trillions in ‘Quantitative Easing’ purchases that have doubled the Fed’s balance sheet to around $9 trillion!18
Back in 2020, many industry participants cried foul and rightfully so: “‘It is truly outrageous,’ said one asset management executive, who declined to speak on the record due to BlackRock’s influence on Wall Street. ‘BlackRock will be managing a fund and deciding if they want to use taxpayer money to purchase ETFs they manage. There’s probably another 100-200 managers who could do this, but BlackRock was chosen [in a no-bid contest].’”19
And BlackRock decided to do just that - directing the largest Fed purchases into its own proprietary securities funds.20 Jeanna Smialek of the NY Times questioned Powell about the BlackRock arrangement, Powell holding several private calls with BlackRock’s CEO Larry Fink, and how potential conflicts of interest were handled.21
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This is yet another serious breach. The BlackRock Invesment Management Agreement of course provides for an ethical wall at Ex. G.22 As it recognizes, “certain BlackRock senior executives may sit atop of the information barrier between the FMA Group and the rest of BlackRock.” One such individual would be CEO Larry Fink. “In virtually all cases, persons who are ‘above the wall’ are precluded from having any involvement in advising the client in connection with the particular transaction.”23 So “exchanging information” and “checking in” on the arrangement regularly with someone who sits above the ethical wall is very wrong.
Despite his massive personal financial conflicts, Chair Powell has acted with impunity to advantage the Wall Street firms managing his investment fund holdings both before and after the pandemic. Indeed, in late 2019, prior to the COVID-19 pandemic, Powell directed the Fed to engage in an unprecedented emergency repo program that provided nearly $20 TRILLION in cumulative loans to Wall Street, including ~$3.7 trillion to Japan’s Nomura Securities and ~$1.4 trillion to Germany’s Deutsche Bank trading arms. Industry experts have opined that the program was in direct violation of the Dodd-Frank Act.24
The emergency repo program was not broad based, but rather appears to have been directed as aid to “failing financial firms” overly exposed to risky derivatives. Of course, one of the select major recipients of loans was Goldman Sachs at $1.67 trillion. And yes, Powell also owns millions in Goldman Sachs proprietary equity funds.
To date, there’s been a virtual media blackout on the 2019 repo bailouts, just like on Powell’s trading and disclosure violations.
Middle and Working Class Americans Cannot Afford Four More Years of Fed Chair Powell
What’s the end result of having a Fed Chair as conflicted as Powell? The vast majority of Americans, who own little to no stocks propped up by Fed bailouts and rent or carry a sizable mortgage on their homes, are being destroyed by skyrocketing inflation after shouldering the real burden of a lengthy pandemic. The Bureau of Labor Statistics currently estimates consumer inflation to be 7%. In reality, it’s more than double that.25 And worse still for housing inflation — the most heavily weighted metric which BLS has the gall to suggest is less than 4% year over year. You’d have to be living under a rock to believe that and perhaps that’s all most Americans will be able to afford soon.
On the other hand, Wall Street and the wealthiest Americans suffered less than a month of down days on the stock market and bask in record wealth inequality. Powell is guided in all his actions not only by his fealty to Wall Street cronies, but also by truly outrageous personal financial conflicts and violations. Powell has tried very hard to cover this up before his confirmation hearing. Sadly, there’s no Woodward and Bernstein of the day to shed light on the truth.
So the task falls to us ordinary Americans. We need to get the word out far and wide. Please do your part on every social media outlet (Twitter, Reddit, Tik Tok etc.), tell your friends, write and call your Senators, even consider joining a peaceable in-person demonstration to say NO to 4 more years of Jay Powell as Fed Chair!
1
https://www.oge.gov/Web/278eGuide.nsf/Chapters/Transactions%20(Annual%20and%20Termination%20Reports%20Only)?opendocument (“Date: Provide the month, day, and year of the transaction.”)
2
https://wallstreetonparade.com/2021/12/the-fed-pulls-a-dark-curtain-around-former-dallas-fed-president-robert-kaplan-and-his-trading-in-sp-500-futures/
3
https://www.warren.senate.gov/imo/media/doc/2022.01.07%20Letter%20to%20Powell%20on%20Fed%20ethics.pdf
4
https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/77CAEC6FBF7E38D885257FFD0026C95E/$FILE/Jerome-H-Powell-2016Form278.pdf
5
https://www.axios.com/federal-reserve-takes-on-own-trading-rules-de0ba4eb-b4d2-4aa3-a7bb-4ef4132b9e03.html
6
https://www.federalreserve.gov/monetarypolicy/fomchistorical2015.htm
7
https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/5B86DBF3EBE069DB8525857F0027DBD0/$FILE/Jerome-H-Powell-2020-278.pdf; https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
8
https://www.ft.com/content/196a59b8-e2fa-42f2-8d36-bb0beabc4b37
9
https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/06F79374D20480FD852586D9002EC767/$FILE/Jerome-H-Powell-2021-278.pdf
10
https://www.oge.gov/web/OGE.nsf/0/25DFFA704AC2BA8C852585B6005A1F8A/$FILE/Assets.pdf
11
https://www.wsj.com/articles/covid-19-pandemic-drives-municipal-borrowing-to-10-year-high-11610447402
12
https://www.barrons.com/articles/federal-reserve-chairman-jerome-powell-municipal-bonds-51556033897
13
https://www.cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html
14
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20210922.pdf
15
https://therevolvingdoorproject.org/powell-misled-reporters-about-his-finances-while-admitting-to-lax-ethics-practices/
16
https://therevolvingdoorproject.org/foia-response-suggests-feds-powell-was-dishonest-about-personal-ethics-signoff/
17
https://extapps2.oge.gov/201/Presiden.nsf/D67DC006BE51F5AF852587A40033D56F/$FILE/Powell,%20Jerome%20H.%20%20finalEA.pdf
18
https://wallstreetonparade.com/2020/08/fed-chair-powell-had-4-private-phone-calls-with-blackrocks-ceo-since-march-as-blackrock-manages-upwards-of-25-million-of-powells-personal-money-and-lands-3-no-bid-deals-with-the-fed/
19
https://financialpost.com/financial-times/u-s-feds-big-boost-for-blackrock-raises-eyebrows-on-wall-street
20
https://www.barrons.com/articles/blackrock-is-biggest-beneficiary-of-fed-purchases-of-corporate-bond-etfs-51591034726
21
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20200729.pdf
22
https://www.newyorkfed.org/medialibrary/media/markets/special_facilities/ima-blackrock-fma
23
https://corporatefinanceinstitute.com/resources/knowledge/finance/chinese-wall-definition/
24
https://wallstreetonparade.com/2022/01/a-nomura-document-may-shed-light-on-the-repo-blowup-and-fed-bailout-of-the-gang-of-six-in-2019/
25
http://www.shadowstats.com/alternate_data/inflation-charts
https://occupythefed.substack.com/p/fed-scandal-bigger-than-watergate
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