Published: Thu, September 07, 2017
Money | By Charlene Sutton

Number two at US Federal Reserve to step down

Number two at US Federal Reserve to step down

On May 21, 2014, the USA confirmed Fischer's appointment to the Federal Reserve Board of Governors. Fed watchers had thought he would step down, but had not expected it to be so soon.

In a letter to President Donald Trump, Fischer, 73, said he was resigning for personal reasons and that the effective date would be on or around october 13.

His Board leadership was informed by experience as governor of the Bank of Israel, vice chairman of Citigroup, deputy managing director of the International Monetary Fund and chief economist of the World Bank. Rate increases are a sign that the economy is improving.

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"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.

Nominated by President Barack Obama, Fischer worked with Chairman Janet Yellen to lift the USA out of the financial crisis and recession through a strategy involving low interest rates and money printing.

Quarles' nomination is scheduled to be voted on by the Senate Banking Committee on Thursday. "You're talking about a lot of turnover when uncertainty about Fed policy is already high". It also leaves another critical position within the central bank to be filled by President Donald Trump, as Chair Janet Yellen's term will expire early next year. We believe the likely prospects of a Cohn Fed Chair led both Yellen and Draghi to rail against wholesale big bank deregulation at Jackson Hole in late August.

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He also said it had been a "great privilege" to work alongside Ms Yellen. Yellen's term expires in February.

Goodfriend, 66, worked for more than 20 years at the Richmond Fed and is seen as a leading hawkish voice on monetary policy.

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