Published: Thu, September 07, 2017
Markets | By Erika Turner

Fed Vice Chairman Fischer to resign for 'personal reasons'

Fed Vice Chairman Fischer to resign 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".

He served as the governor of the Bank of Israel from 2005 to 2013. His early departure from the Fed also adds another layer of intrigue to the upcoming decision from Trump on who to appoint to the Fed's top spot; Yellen's four-year term is set to expire in February 2018.

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.

"All of us have been focused on transition at the Fed, but the one we were thinking about was Janet Yellen", said Carl Tannenbaum, chief economist at Northern Trust Chicago and a former Chicago Fed official. Yet inflation remains below the Fed's target, complicating its future course.

Terrorist tasked to target NIA gunned down in north Kashmir
On Sunday, the armed forces gunned down a Lashkar-e-Toiba (LeT) terrorist, involved in the killing of Lt Umar Fayaz in May, in Kulgam district of south Kashmir.

The vice president of the US Federal Reserve Stanley Fischer announced his resignation on Wednesday.

In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC. It is possible that Trump will reappoint Yellen but National Economic Council Director Gary Cohn has also been floated as a possibility. He has worked as a chief economist at the World Bank and taught economics at MIT.

Yellen has said she intends to serve out her current term but has declined to say whether she would consider serving another term. In congressional testimony in March, he endorsed a move being pushed by Republican lawmakers to require the Fed to follow a rules-based approach to setting interest rate policy.

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