Mick Mulvaney, then the acting White House chief of staff and the director of the Office of Management and Budget, sold between $215,000 and $550,000 in holdings in three mutual funds on March 4, according to ethics paperwork he submitted late last month. Holdings in each of the three funds are made up almost entirely of U.S. stocks.

The trades, which represented the vast majority of Mulvaney’s holdings in publicly traded funds, suggested a less sanguine view on America’s financial outlook than Mulvaney’s boss and colleagues were projecting at the time.

“Our economy is doing fantastically,” Trump told Fox primetime host Sean Hannity, the day of the Mulvaney transactions. “Numbers are coming out very well. The consumer in the United States is unbelievably strong, stronger than ever before, I believe.”

By that point, markets had already started to tank on fears of the worsening coronavirus outbreak.