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Federal Reserve Bank of New York President William Dudley is close to announcing his retirement, CNBC reported, citing several people familiar with his plans.

Dudley, who turns 65 in January, has led the New York Fed since January 2009. His term ends in January 2019 due to bank rules. A search committee has been formed, and he’d step down in the spring or summer of next year, according to CNBC.

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