As a leader, it's important to provide not just the meat but also the veggies. What people end up eating is up to them, but serve the full course! If as a ME, I start deciding who needs to know what, information will be perceived as incomplete because people always talk and engineer are often smart enough to read between the lines. So the transparent umbrella is a great analogy. Communicate bad news as fast and coherently as possible - group meeting with open questions works well for me but be ready to address the potential fears: "In my current assessment, that's not going to be a problem, I'll let you know if that changes." and of course "Thanks for asking, I didn't consider that and I don't know yet. I'll clarify" is a valid answer, if you do indeed clarify.

If you're genuinely stressed with that, talk to your lead about it and they'll find a way to filter a little more while not giving you the feeling of being left out.