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| | New York Fed President to retire - Jan. 16, 2003 |
 | | McDonough, 68, will end his career with the U.S. central bank -- he is also vice chairman of the bank's policy-making arm, second in power only to Chairman Alan Greenspan -- on July 21, 2003, the New York Fed said. |
 | | McDonough's name was often mentioned when economists speculated about potential replacements for Greenspan, 76, who is expected to retire within the next few years. |
 | | Still, the New York Fed makes no policy of its own, strictly taking its cue from the central bank, and there are plenty of people inside and outside the New York Fed who could capably replace McDonough, Fed watchers said. |
| money.cnn.com /2003/01/16/news/economy/mcdonough/index.htm (524 words) |
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