Fed Vice Chairman Fischer to resign for 'personal reasons'

JPMorgan's Gartside Says Markets Dovish Right Now

Stanley Fischer, the vice chairman of the Federal Reserve, announced Wednesday he will retire next month, creating a third vacancy for President Donald Trump to fill at the United States central bank.

His resignation letter, which was addressed to USA president Donald Trump and was also published by the Federal Reserve, cited "personal reasons" as the cause of his departure.

In his resignation letter, Fischer said it has been a "great privilege to serve on the Federal Reserve Board, and, most especially, to work alongside Chair Yellen".

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.

Janet Yellen's own term as Fed Chair expires in February, and Mr. Trump has not indicated whether he will keep or replace her. Yellen's predecessor, Ben Bernanke, served two terms from 2006-2014, spanning both the Bush and Obama presidencies. We expect that Dudley could be offered the Vice Chair position but believe he likely stays at the NY Fed, though Potter could assume the NY Fed President role.

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The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the U.S. central bank. "Having a complete board of governors, including members with banking experience, is important as the Fed moves forward with needed regulatory reforms and critical monetary policy decisions".

Now Trump will also have to find someone to fill Fischer's spot.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations", Yellen said in Wednesday's statement.

A longtime professor of economics at the Massachusetts Institute of Technology, Mr Fischer previously was a governor at the Bank of Israel and vice-chairman at Citigroup. I'm personally grateful for his friendship and his service.

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