Fed Vice Chair Stepping Down in October

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U.S. Federal Reserve Vice Chairman Stanley Fischer on Wednesday announced his intention to resign months before his term was due to expire.

What we find suspicious, absent any major family or health concerns, is just how quick he wants to get out of town.

In a note to clients on Wednesday, Paul Ashworth, chief USA economist at Capital Economics, wrote that Fischer's resignation "presumably lowers the odds of [Yellen] being nominated for a second term [as Fed Chair]". He has worked as a chief economist at the World Bank and taught economics at MIT.

Fischer used his resignation letter to offer a summation of what he sees as the Fed's accomplishments during his tenure as vice chair.

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"We commend Stanley Fischer for his years of dedicated public service, and we wish him well in his return to private life", said American Bankers Association President and CEO Rob Nichols.

But with Fischer's soon-to-be-vacant seat, the president has the responsibility for nominating a candidate to the seven-member Board of Governors, and each much be confirmed by the Senate. His resignation creates yet another opening for Trump to fill at a critical time for the Fed.

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. I'm personally grateful for his friendship and his service.

Fischer, a former governor of the Bank of Israel and vice chairman of Citigroup, leaves the Fed as the central bank confronts the deepening dilemma of USA monetary policy. Trump has nominated Randal Quarles, an investment-fund manager and former U.S. Treasury official, as Fed's vice chiair of supervision.