The Federal Reserve Bank of New York has announced John Williams will be its next president when William Dudley stands down this summer.

Williams, who will remain at the head of the San Francisco Fed until June 18, was widely seen as the lead contender for the role.

“After a thorough process, my fellow search committee members and I felt that John best fulfilled the criteria we’d identified, as well as the feedback we’d received through our public outreach efforts,” said Sara Horowitz, who co