US Federal Reserve Vice Chairman Fischer Resigns

Stanley Fischer is stepping down as vice chair of the US Federal Reserve

Stanley Fischer, the Fed's 73-year-old vice chairman, said Wednesday that he will be stepping down next month, citing "personal reasons".

His resignation will provide President Donald Trump with another opportunity to reshape the Fed.

Appointed to the board for an unexpired term finalising on 31 January, 2020, his term as vice chairman was due to expire on 12 June 2018. His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path. Rate increases are a sign that the economy is improving. His resignation creates yet another opening for Trump to fill at a critical time for the Fed. All nominations to the Board of Governors require Senate confirmation.

"Fischer is seen as a hawk on monetary policy, relative to the Fed chair, having advocated higher interest rates in response to the strengthening US economy", Financial Times said.

"It would be easier to keep her around", Swonk said. Trump has said that a renomination of Yellen is under consideration, though the White House is also looking at other candidates. Prior to Fischer's announcement, analysts were predicting National Economic Council Director Gary Cohn would be the president's choice to succeed Yellen. Yellen's term expires in February.

With an academic approach to policymaking, born of professorship at the Massachusetts Institute of Technology and University of Chicago, Fischer had contributed a more moderate perspective on interest rate hikes and voted for the Federal Open Market Committee's monetary policy action.

Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy. The bank is headquartered in Indiana, Vice President Mike Pence's home state.

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