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Number two at US Federal Reserve to step down

Number two at US Federal Reserve to step down”

Federal Reserve vice chair Stanley Fischer is resigning from his post at the central bank effective in mid-October, the Fed announced Wednesday.

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.

Fischer's departure will leave four vacancies on the seven-member Fed board.

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

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"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".

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]".

"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.

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.

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

"He represented the Board internationally with distinction and led our efforts to foster financial stability", she added.

Trump in July chose the investor and former Treasury Department official Randal Quarles to join the Fed as vice chair for supervision in a further sign the White House may promote continuing deregulation of the financial sector.

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