I honestly dont believe it is market manipulation. I think it is just a sound business model. They are locking in some profit.
What do you think the odds are of another raise? As long as they are doing it with an 'assumption' there will be another raise it is a legitimate strategy/transaction and perfectly good business call.
Now if they were doing it with prior knowledge of the next raise timings, then that would be market manipulation. You are correct , that would be pretty hard to prove.
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