New York Fed President Dudley to Announce Early Retirement

By Nick Timiraos and Michael S. Derby Features Dow Jones Newswires

Federal Reserve Bank of New York President William Dudley is set to announce he will retire next year, around six months earlier than scheduled, and the announcement could come as soon as Monday, according to two people familiar with the matter.

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The search for Mr. Dudley's successor will start immediately with the aim of finding a new president in mid-2018, after which time Mr. Dudley will retire, according to people familiar with the matter.

The decision has been long-planned and is unrelated to President Donald Trump's announcement Thursday that he would nominate central bank governor Jerome Powell to succeed Chairwoman Janet Yellen when her term as chief expires in February, according to a person familiar with the matter.

The coming announcement about Mr. Dudley was first reported by CNBC.

Write to Nick Timiraos at nick.timiraos@wsj.com and Michael S. Derby at michael.derby@wsj.com

(END) Dow Jones Newswires

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November 05, 2017 12:27 ET (17:27 GMT)