© Reuters.  New York Fed President William Dudley to retire in mid-2018© Reuters. New York Fed President William Dudley to retire in mid-2018

Investing.com – William Dudley, the president of the Federal Reserve Bank of New York is to retire in mid-2018, well before his term ends the New York Fed said Monday.

Dudley, who has headed the bank since 2009, will retire around the middle of next year after his replacement is found and approved. His term was due to end in January 2019.

The New York Fed president is traditionally one of the central bank’s most powerful policy makers and serves as the vice-chairman of the Federal Open Market Committee.

The announcement comes amid a wave of turnover among the central bank’s top officials, which has led to some uncertainty over the future direction of Fed policies.

Last Thursday, President Donald Trump announced that he would nominate Fed Governor Jerome Powell to succeed current Chair Janet Yellen when her term expires in early February,

In October, Fed Vice Chairman Stanley Fischer stepped down due to personal reasons and there are currently three open seats on the seven-member Board of Governors.

That number may rise to four if Yellen leaves the board when Powell is confirmed and before others are nominated and confirmed by the Senate.

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