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CNBC ALERT: Boston Fed President To Retire

CNBC has learned that Cathy E. Minehan, president of the Boston Federal Reserve, is retiring after nearly 40 years with the Fed. Minehan was scheduled to be a voting member of the Fed in 2007. She will remain in her post until a replacement is found - and she will participate in the next Fed interest rate meeting on Jan. 31. Erin Burnett is tracking the story from the Breaking News Desk and will bring us more as it develops.