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Financial News: Richmond Fed's Lacker Quits After Leaking QE3 Details

Richmond Fed's Lacker Quits After Leaking QE3 Details

04/04/2017 - 14:09:00 (RTTNews)

(RTTNews) - Richmond Fed President Jeffrey Lacker abruptly quit Tuesday, admitting that he was the person who leaked sensitive information regarding the Fed's quantitative easing program.

In 2012, Medley Global Advisors reported on certain aspects of QE3 that were classified.

"I deeply regret the role that I may have played in confirming.confidential information," Lacker said in a statement. An analyst "introduced into the conversation an important non-public detail about one of the policy options considered by participants prior to the meeting."

"When Medley published a report by the analyst the following day...it contained this important detail about one of the policy options and I realized that my failure to decline comment on the information could have been taken by the analyst, in the context of the conversation, as an acknowledgment or confirmation of the information," Lacker said.

Lacker, considered one of the more hawkish members of the Fed, will be replaced in the interim by First Vice President Mark Mullinix.

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