We recently wrote that it was outrageous for Fed officials to have traded equities as the Fed was doing deals with corporate issuers in 2020. One of the offenders – Boston Fed President Eric Rosengren – has been dealt with. The other direct offender was Dallas Fed President Robert Steven Kaplan. Frankly, Chairman Powell ought to step down but this action is him sacrificing heads at the altar in order to ensure he is re-appointed Fed Chair in February 2022. Read the Rosengren press release HERE.