Trump initiated a bond-buying spree on January 21, one day after inauguration, acquiring about 690 bonds through August 1. Purchases included debt from companies, local governments, municipal hospitals, airports, regional development funds, and school districts across states from Florida to Alaska. Transactions also included large purchases of bonds from megabanks Morgan Stanley, Wells Fargo, and Citigroup, with some valued at least $100,000 apiece. Those holdings place the president in a position to benefit or lose depending on the financial outcomes of bond issuers. The timing overlaps consideration of a Federal Reserve leadership replacement and a Fed nomination of a top aide.
The documents, released late Tuesday, show that Trump began the bond-buying spree one day after he was sworn in on January 20 and that it includes debt sold by companies, local governments, and entities that could be directly affected by his sweeping agenda. All told, Trump made about 690 purchases from January 21 through August 1. The active trading by a president of the United States is unprecedented.
Trump's buying continued at a steady clip for months, including bonds from megabanks Morgan Stanley, Wells Fargo, and Citigroup worth at least $100,000 apiece. Trump's direct ownership of bonds from three of the country's banking giants also comes as he considers an eventual replacement of Federal Reserve Chair Jerome Powell and weeks after he nominated one of his top aides, Stephen Miran, to a seat on the Fed's board. The Fed can directly affect a bank's profit by lowering or raising interest rates.
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