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updated: 11/5/2017 2:26 PM

CNBC: New York Fed chief Dudley will announce retirement

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WASHINGTON -- CNBC is reporting that New York Federal Reserve Bank President William Dudley plans to retire.

Sources told CNBC that Dudley would make the announcement as early as next week and likely will leave the bank in the spring or summer of 2018. His second term had been scheduled to end in January 2019. The cable news channel reported a committee to find a replacement has been organized.

Dudley is a close ally of Fed Chair Janet Yellen. He played a major role in the Fed's response to the 2008 financial crisis and has supported Yellen's cautious efforts to raise interest rates.

President Donald Trump last week announced that he was tapping former investment manager Jerome Powell to replace Yellen as Fed chair when her term ends in February.

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