US judge rejects request to make the Federal Reserve's interest rate decisions public, calling it a publicity stunt.

A federal district court judge in the United States on Monday dismissed a legal request by an investment fund trying to force the Federal Reserve to disclose the minutes of this week's interest rate meeting. The ruling confirmed that the Federal Open Market Committee (FOMC), which is responsible for setting US monetary policy, is not a government agency as defined by the federal "sunshine laws," and therefore is not required to open its meetings to the public. The lawsuit was brought by the newly formed investment fund Azoria Capital. The fund filed for a temporary restraining order in a federal court in Washington, D.C., asking the judge to compel the FOMC to open up its rate decision meetings scheduled for this Tuesday and Wednesday to the public. However, Judge Beryl Howell, who presided over the case, denied the request and noted that the FOMC's longstanding practice of conducting closed meetings does not violate current law. She emphasized that the FOMC does not fall under the definition of a "government agency" as outlined in the sunshine laws, and therefore is not obligated to disclose the content of its meetings to the public. Of note, Judge Howell raised questions during the hearing, suggesting that Azoria may not genuinely be seeking transparency, but rather using the lawsuit to garner media attention and promote their new fund. She pointed out that Azoria voluntarily mentioned in last week's court filings that its CEO, James Fishback, discussed the lawsuit on a Fox Business program, saying, "I note that this is highly unusual. I have never seen this kind of content in a legal pleading." Azoria expressed dissatisfaction with Federal Reserve Chair Powell in the lawsuit. The fund claimed that the Federal Reserve's continued maintenance of high interest rates is to "undermine President Trump and his economic agenda," and accused this action of "harming the interests of the American people and the US economy." Fishback shares the same stance as Trump and has been critical of Powell's decision not to cut interest rates.