Fed Vice Chair Stan Fischer Unexpectedly Resigns “For Personal Reasons”

In a shocking announcement, the latest rat to abandon the sinking ship – because it is far less fun to navigate the world’s biggest economy when you are raising rates than when injecting trillions – Federal Reserve Vice Chairman Stanley Fischer has announces his decision to step down effective October 13 (Friday), citing “personal reasons” in letter of resignation to President Donald Trump. His term as vice chair was set to expire on June 12, 2018.
Fischer’s resignation increases vacancies on the Fed Board from three to four, with Yellen and Brainard and Powell remaining the only members on the Board. This could accelerate Senate confirmation of Randal Quarles to be Vice Chair for Supervision, which will be considered tomorrow in the Senate Banking Committee and looks likely to approved by the full Senate prior to Fischer’s planned departure, according to Goldman.
In his letter, Fischer praises America’s economic growth during his tenure, and says that “informed by the lessons of the recent financial crisis, we have built upon earlier steps to make the financial system stronger and more resilient and better able to provide the credit so vital to the prosperity” of the US.

This post was published at Zero Hedge on Sep 6, 2017.