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Fed leak revealed potentially market-moving info: Report

Ben S. Bernanke, former chairman of the U.S. Federal Reserve.
Andrew Harrer | Bloomberg | Getty Images

The Federal Reserve alerted top officials in October 2012 when a newsletter distributed confidential details about its policy decisions, ProPublica reported Monday.

The leak revealed tightly guarded deliberations of the Federal Open Market Committee leading up to the launch of QE3. Then Fed chair Ben Bernanke ordered an internal review of the previously undisclosed matter.

The report came a day before the Fed released the minutes from its September 2012 policy meeting, where it approved its third round of quantitative easing.

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The newsletter, sent out to hedge funds, institutional investors and asset managers, said the upcoming minutes would reveal "intense debate between Federal Open Market Committee participants."

When notified about the breach, Bernanke alerted the Fed's general counsel, Scott Alvarez, who launched an internal investigation.

Public comments by Fed officials often move markets. While Fed leaders are permitted to discuss their personal views, they are not allowed to discuss private information about policy decisions.

Click here to read the full report from ProPublica.