Federal Reserve chair Jerome Powell sold municipal bonds valued at between $1.2 million and $2.5 million on June 30.

Powell was acting in compliance with the Fed’s recent ethics code that prohibits holding individual stocks and bonds. He acted early to divest his holdings, as the code gave governors and presidents a year to sell their individual stocks and bonds.

The Federal Open Market Committee adopted the agreement in February 2022. Under the new code, Fed officials are allowed to hold