Dudley to retire early as Fed overhaul gains steam

From Reuters - November 5, 2017

NEW YORK (Reuters) - One of the Federal Reserves most influential policymakers, New York Fed President William Dudley, is preparing to retire earlier than planned, further setting the stage for a fresh slate of U.S. central bankers next year.

According to two sources familiar with the plans, directors at the New York Fed have struck a committee to seek a successor to Dudley, who would leave some time next year, before his term expires in January 2019.

He could announce his retirement as soon as this week and step down as early as spring 2018 once a replacement is named, according to CNBC, which first reported the news on Sunday.

A spokeswoman for the New York Fed declined to comment. The chair of the New York Feds board, Sara Horowitz of the Freelancers Union, who could lead the search for a successor, did not immediately respond to an email.

Dudley, a former partner at Goldman Sachs Group Inc (GS.N), ran the New York Feds markets group during the depths of the financial crisis in late 2008 before taking the helm there in January 2009 for a 10-year term. He has since steered a cautious and dovish path as vice chair of the Feds policy-setting committee, and as a close ally of Fed Chair Janet Yellen and her predecessor Ben Bernanke.


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