Ideal timing for Fed leadership changes, Dudley says

FILE PHOTO - William Dudley, President of the New York Federal Reserve Bank, speaks at Brooklyn College in the Brooklyn borough of New York
FILE PHOTO - William Dudley, President of the New York Federal Reserve Bank, speaks at Brooklyn College in the Brooklyn borough of New York, March 7, 2014. REUTERS/Keith Bedford/File Photo

November 6, 2017

NEW YORK (Reuters) – An influential Federal Reserve official planning to retire next year endorsed U.S. President Donald Trump’s choice of Jerome Powell as Fed chair and Randal Quarles as vice chair for supervision, saying on Monday that the stable economy and policy consensus offered a good time for such a transition.

“Looking at what I’ve seen so far, so far so good. Keep it up,” New York Fed President William Dudley told an economists’ luncheon. “I’m sad that I’ll be stepping down and sad to see (Fed Chair) Janet (Yellen) stepping down, since she has done a superb job… but I think it’s going to be fine.

“This is all happening in an environment where there is broad consensus among the FOMC about what’s supposed to happen next, and in an environment where the economy is pretty darn stable,” added Dudley, who announced earlier on Monday he would retire in mid-2018.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)