New York Fed President Dudley to retire in mid-2018

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Fed confirms William Dudley's plans to retire

FBN's Maria Bartiromo on Federal Reserve Bank of New York President William Dudley's decision to retire in mid-2018.

New York Federal Reserve President and CEO William Dudley announced Monday he will retire from his post in mid-2018.

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The Fed executive made the decision to step down ahead of the end of his term in January of 2019 in order to “ensure that a successor is in place well before,” the central bank said in a statement.

“The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude,” Federal Reserve Chair Janet Yellen said in a statement.

Dudley joined the New York Fed in 2007 and took over the top spot in 2009.

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