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US Plays Down Idea of CPI Leak Following Pre-Report Trading

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https://www.bloomberg.com/news/articles/2022-12-13/us-statistics-agency-says-it-s-not-aware-of-early-cpi-release
 
US Plays Down Idea of CPI Leak Following Pre-Report Trading
 
• BLS says it’s unaware of any early release of its data
   
• Core CPI rose 0.2% in November, less than economists predicted
 
By Reade Pickert and Akayla Gardner
 
December 13, 2022 at 12:18 PM EST
Updated on December 13, 2022 at 8:22 PM EST
 
US government officials said they weren’t aware of any early leaks of closely watched inflation data Tuesday, following a surge of Treasuries buying that took place seconds before the report was released.
 
President Joe Biden’s press secretary, Karine Jean-Pierre, told reporters she was not aware of any leaks coming out of the White House, and suggested observers were reading too much into the market moves.
 
“I can tell you this: There were no leaks from here,” Jean-Pierre said Tuesday. “I can tell you definitively, or at least I’m not aware of any leaks.”
 
“People may be reading a little bit too much into this,” she added. Jean-Pierre described the jump in asset prices as “minor market movements.” 
 
The US Bureau of Labor Statistics said it’s unaware of any early release of its data. Over a 60-second period before the data went out, 13,518 March 10-year futures traded, pushing down Treasury yields prior to the release of the consumer price index report at 8:30 a.m. in New York.
 
Stocks and bonds rallied after publication of the data, as investors speculated the cooling in inflation meant the Federal Reserve would pause its tightening cycle early next year.
 
BLS spokesperson Cody Parkinson said by email that while the agency is not aware of any early release, some government officials do routinely receive the data before publication under federal guidelines. 
 
Excluding food and energy, the CPI rose 0.2% in November and was up 6% from a year earlier. The median estimate in a Bloomberg survey of economists called for 0.3% monthly increase.
 
(Adds links to more coverage after sixth paragraph. An earlier version corrected the direction in which treasury yields moved and to use New York time in the chart.)