Volcker might leave Fed before second term ends

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Paul Volcker, the Federal Reserve Board chairman, told Congress he may not complete a second term. Mr. Volcker said that he felt a good time to switch chairmen would be as soon as a year after a presidential election.

Mr. Volcker, appearing at a confirmation hearing before the Senate Banking Committee, also said that the Fed's latest decisions on interest rates were not ''terribly dramatic.'' His testimony followed the conclusion of the Fed's policy deliberations on how the money supply should be managed for the next year.

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