Fed Minutes’ Early Release (19 hours before the public) Prompted by E-Mail

 

Bank lobbyists and congressional staff received potentially market-moving Federal Reserve information 19 hours before the publicin a release the central bank called accidental.

Brian Gross, a member of the Fed’s congressional liaison staff, distributed the March 19-20 minutes of the Federal Open Market Committee meeting at 2 p.m. yesterday Washington time, according to an e-mail obtained by Bloomberg News. Gross referred questions to Fed spokeswoman Michelle Smith.

The release to more than 100 people was “entirely accidental,” Smith said. “This was a list of professional contacts that one individual had,” she said. “This group of individuals does not in any normal course receive any information early.” The mistake was discovered this morning, according to the central bank.

Fed minutes, which include comments on the committee’s discussions about the direction of monetary policy and its outlook for the economy, are among the Fed’s most closely scrutinized documents as the panel debates when to stop its third round of bond purchases.

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"Just" 19 hours before the official one, and it was an "accident" :):)

Fairy tales writers could learn from these guys

 

Federal Reserve goofs and releases minutes early

The Federal Reserve accidentally emailed the minutes from its March meeting to 154 people a day early, and those people included employees at some of the world's largest banks.

While no major news was expected to come from the minutes, they are nevertheless a key document that can move markets from time to time. Wall Street players often dig deep into the minutes for hints about when the central bank may pull back on its bond-buying policy or raise interest rates.

For that reason, the minutes are usually highly protected by the central bank and their release is supposed to be executed carefully.

A Fed spokesman told CNNMoney the mistake was "entirely accidental," and it was a "human error," not a technological one.

The 154 individuals who received the minutes on Tuesday included Congressional employees,but also employees at some of the world's largest banks,such asGoldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), UBS (UBS) and HSBC (HBC). Most of the people at these banks appear to work in legislative affairs (a.k.a. lobbying).

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