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Fed Vice Chairman Fischer to resign for personal reasons

07 September 2017

Federal Reserve Vice Chair Stanley Fischer announced Wednesday that he will resign on October 13.

His resignation letter, which was addressed to United States president Donald Trump and was also published by the Federal Reserve, cited "personal reasons" as the cause of his departure.

The 73-year-old will step down on October 13, almost a year before his term as vice chair was due to expire and two and a half years before the end of his term on the Fed's board of governors, the Fed said in a statement. The resignation comes about nine months before Fischer's term as vice chairman was set to expire. "You're talking about a lot of turnover when uncertainty about Fed policy is already high". Fischer succeeded Janet Yellen as vice chair after she became chair of the Federal Reserve earlier in 2014. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role. Markets sometimes moved on his comments.

"The combination of his encyclopaedic knowledge of economics, outstanding judgment, quiet leadership and his perennial good humour has helped policymakers around the world to navigate one of the most challenging periods in the global economy". He has nominated Randal Quarles for one of the vacancies, as vice chairman for bank supervision.

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He previously served as governor of the Bank of Israel from 2005 through 2013.

In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.

Since December 2015, the Fed has raised rates four times, including this March and June.

The US central bank is slowly raising interest rates as the economy grows and unemployment falls.

Fed Vice Chairman Fischer to resign for personal reasons