Fed Vice Chairman Fischer to Step Down

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

In view of the replacement of United States economic leadership planned by President Donald Trump, however, the likelihood that Fischer would be appointed was brought into question.

The Federal Reserve will lose an influential centrist with the resignation of Vice Chairman Stanley Fischer, according to a letter sent Wednesday to President Donald Trump.

But Trump said he wouldn't announce his nominee for next Fed Chair until the end of this year, as it's still too early to make that decision. I'm personally grateful for his friendship and his service.

Significantly, barring any further clarification Fischer's resignation might lead markets to believe it implied a lower likelihood of Fed president Janet Yellen being renewed in her post, said Paul Ashworth, chief United States economist at Capital Economics.

In his two-paragraph letter to the president, Fischer hailed the USA economy's progress and the Fed's reforms to make the financial system more resilient. Markets sometimes moved on his comments.

Mr. Trump has nominated Randal Quarles for one of the vacancies as vice chairman for bank supervision. He has worked as a chief economist at the World Bank and taught economics at MIT.

Three spots on the seven-member board were already vacant.

The Fed is expected this fall to begin unloading $4 trillion of debt that it racked up during the financial crisis to keep interest rates low and stimulate economic growth. He helped shape regulatory policy keeping banks in check and accountable, and he stands by the Fed's approach even as Trump considers alternatives.

Former President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the USA central bank, in January 2014.

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

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