Fed Vice Chairman Fischer announces resignation citing personal reasons

U.S. Federal Reserve Vice Chairman Stanley Fischer on Wednesday announced his intention to resign months before his term was due to expire, APA reports quoting Anadolu Agency.

"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve System". His term as vice chairman expires on June 12, 2018.

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Fischer joined the Fed in March 2014 after an eight-year term as the governor of the Bank of Israel. Fed watchers had thought he would step down, but had not expected it to be so soon.

President Donald Trump has yet another spot to fill on the Federal Reserve.

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In it, Fischer indicated that during his time on the Board the economy had continued to strengthen and that, informed by the lessons of the last financial crisis, policymakers had built on previous steps to make the financial system more resilient and better able to provide the credit which was so vital for the prosperity of the US. Quarles' nomination is still pending before the Senate.

"It would be easier to keep her around", Swonk said. Trump has said he is considering renominating Yellen to the position but is also considering other candidates, including White House economic adviser Gary Cohn.

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Mr Fischer is a former economics professor at the Massachusetts Institute of Technology. "It adds to the cloudiness of the outlook for monetary policy". 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. Before that, Fed officials hadn't voted for a rate hike in almost a decade. The bank is headquartered in Indiana, Vice President Mike Pence's home state.

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