When people point out that HFT&#x27;s seem basically like a giant high speed frontrunning operation, as the OP did, the usual counter is that it&#x27;s all fine and dandy, because they provide liquidity. Indeed right above your reply, is someone replying saying exactly that. Therefore the question of HFT&#x27;s providing liquidity, or not, is very germane to the question, and if you&#x27;re willing to be skeptical about what the Fed is saying regarding HFT&#x27;s, then surely you would be similarly skeptical about what CNBC or Vanguard is saying, or would that go against your confirmation bias?