Sunday 22 April 2018

Top Fed official stands down over leak

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
Ellie Donnelly

Ellie Donnelly

Federal Reserve Bank of Richmond President Jeffrey Lacker resigned with immediate effect last night, six months early, after disclosing his role in the leak of information related to the central bank's deliberations in 2012.

"I regret that in this instance I crossed the line to confirming information that should have remained confidential," Lacker said in a statement sent by the law firm McGuireWoods.

In the statement, Lacker apologised to Fed colleagues for breaking the central bank's communications policy when he participated in an interview with an analyst at Medley Global Advisors.

Elsewhere, the Iseq overall index of Irish shares traded up 0.15pc or 10.14 points to close at 6621.41 on Tuesday.

The main mover was the consulting firm First Derivatives which ended the day up 3pc. Shares in Dalata Hotels Group rose 1.8pc, while Donegal Investments also finished the day up 1.8pc.Telecommunications firm Zamano was down 21.6pc, with shares closing at 0.047c.

Providence Resources closed down 4.5pc, while online airline retailer Datalex was down 2.5pc.

Financial services company IFG Group also ended the day down 2.3pc.

The muted start to the second quarter continued across the continent as European shares struggled for direction in choppy trade on Tuesday, weighed by weakness in the carmaking sector though gains in oil-related stocks and miners provided some support.

The pan-European STOXX 600 index was flat in percentage terms, while the resources-heavy FTSE 100 outperformed and was up 0.4pc.

Carmakers were the biggest sectoral losers, down 1.4pc, with Peugeot and BMW leading the sector lower.

Additional reporting by Bloomberg

Irish Independent

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