What Insights Do Taxi Rides Offer into Federal Reserve Leakage?

How do markets learn about central banks? Employing narrative evidence and futures data, Cieślak, Morse and Vissing-Jørgensen (2018) argue that private, informal channels systematically carry Federal Reserve information to markets around monetary-policy meetings. I complement their work with an analysis of potential channels: New York Fed insiders' interactions with commercial bankers. Using taxi data, I find highly statistically significant evidence that late-night meetings at the New York Fed and lunchtime offsite interactions increase around FOMC meetings. These results suggest increased opportunities for Federal Reserve information to flow to markets along informal or discreet channels