April 12, 2023 10:40 am
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Categories: JoshWho News news media US News ZeroHedge

Who Knew What & When? Treasury Futures Soared Ahead Of CPI, BLS Denies Leaks

In the minute before the BLS’ release of the CPI data, US Treasury Futures soared on relatively heavy volume.

The June 2023 10-year Treasury futures contract saw around 5,000 contracts traded over a 60 second period in the lead up to the data release at 8:30 a.m. in New York, with prices jumping to 115-29+ from 115-09+.

Treasuries extended gains after on heavy volume (only to erase all the gains as the day wore on)…

But it does make one wonder who knew what when?

As Bloomberg’s Ed Bolingbroke notes, CPI data has been the subject of questions on this front before, with the report released in December being one notable recent occasion. Then, heavy trading in the minute before that release spurred concern in some quarters that the numbers might have been leaked.

The Bureau of Labor Statistics (BLS) said at the time that there was no evidence its systems had been compromised or that there was any suspicious activity around the data release.

And again, the BLS has come out with a statement that there was no indication of any early release of the March CPI data adding that there is “no evidence” that agency systems were “in any way compromised.”

“Trading activity immediately before the release of BLS data is not unusual, but we do actively monitor such activity as part of our efforts to protect the integrity of our release procedures,” the bureau said Wednesday, noting that it “continuously monitors for suspicious activity and has detected none.”

Sure, ok, we’ll drop it then.

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