In 60 Seconds Before CPI Hit, Heavy Trading Drove Mystery Rally
- Stocks, bonds jumped just ahead of key inflation report
- White House says it’s unaware of any early release of data
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Karine Jean-Pierre, the press secretary for President Joe Biden, quickly brushed off the question when it came in toward the end of her daily press conference Tuesday. No, she said, there was no chance that anyone in the White House leaked the November inflation report before its 8:30 a.m. publication. Too much fuss was being made, as she saw it, over what were just “minor market movements.”
But there was nothing minor about the rally that took hold in the seconds before the better-than-expected inflation number hit the Labor Department’s website.