Goldmans' Dudley is Fed's new markets man

The New York Federal Reserve named William Dudley, an advisory director at Goldman Sachs, as an executive vice-president and the new head of its markets group.

Dudley takes over from Dino Kos, who announced his intention to step down in January 2007.

As well as being responsible for market operations, which the New York Fed does on behalf of the reserve system, the role entails briefing the policymaking Federal Open Market Committee about market developments at their rate-setting meetings.

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