Stanley Fischer steps down from Fed citing 'personal reasons'

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Federal Reserve Board Vice Chairman Stanley Fischer's surprise decision to resign in mid-October will enable President Trump to more rapidly reshape the Fed, paving the way for it to roll back post-crisis reforms.

Fischer told President Trump in a letter released by the Fed that he was leaving for personal reasons.

"Accordingly, while Fischer's resignation may not affect the outlook for monetary policy that much, it could mark the beginning, along with the nomination of Randall Quarles to be Vice Chair of Supervision, of a shift toward a Federal Board of Governors that is more amenable to deregulation".

His term as Vice Chairman expires next June.

Fischer used his resignation letter to offer a summation of what he sees as the Fed's accomplishments during his tenure as vice chair. I'm personally grateful for his friendship and his service.

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He's young enough and potentially under control until 2022, so he *could* sit alongside Trout in the lineup for years to come. For a player to be eligible for a team's postseason roster, he must be with the organization prior to the start of September.

Yellen's term as Fed chair ends in February.

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. "In a recent interview with the Financial Times, Fischer was highly critical of Republican efforts to loosen the post-crisis regulatory regime". Markets sometimes moved on his comments.

Prior to his role at the Fed, Fischer worked as the governor of the Bank of Israel and as the vice chairman of Citigroup.

"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".

Besides Yellen and Fischer's seats, there are already two open spots for Fed governors, who get a permanent vote on the influential committee that raises and lowers interest rates. Rate increases are a sign that the economy is improving.

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