How Chinese intelligence allegedly used a personal relationship to target the Federal Reserve

A CNBC investigation has detailed how a former Federal Reserve advisor, John Rogers, became entangled in a relationship that US officials say was engineered by a man they identify as a Chinese intelligence operative.

According to the investigation, the case illustrates a pattern in which personal relationships are cultivated over time to gain access to individuals with insight into sensitive economic and financial policy discussions.

US officials cited in the report describe the episode as an example of the kind of long-term, relationship-based approach that intelligence services can use to try to reach institutions like the Federal Reserve, which sits at the centre of US monetary policy.

The report does not allege that classified national security information was compromised, but it raises questions about the vulnerability of individuals with access to market-sensitive economic analysis and policy deliberation.

The Federal Reserve has faced scrutiny in the past over staff conduct and information security, and cases like this one add to a broader conversation in Washington about counterintelligence risks facing economic policymaking institutions.