Federal Reserve Bank of New York Press Release

PRESS RELEASE - Federal Reserve Bank of New York President William J. McDonough announces intent to retire, 16 January.

William J. McDonough today announced his intention to retire as president and chief executive officer of the Federal Reserve Bank of New York as of July 21, 2003. He informed the board of directors of the bank at today's board meeting.

Peter G. Peterson, chairman of the board, said that he understood, but regretted Mr. McDonough's decision to step down after 10 years. Mr. Pete