Fed's Fischer first to flee from Trump administration, Yellen not far behind

Fed's Fischer announces resignation

Fed's Fischer announces resignation

In his letter of resignation, he said it was for personal reasons and did not elaborate.

The Federal Reserve will lose an influential centrist with the resignation of Vice Chairman Stanley Fischer, according to a letter sent Wednesday to President Donald Trump. His term as vice chairman expires on June 12, 2018.

"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.

As for Yellen's replacement, NEC Cohn will likely take the Fed Chief job if he wants it and can, with Trump, trim the number of PhD economists in favor of more business executives like former Goldman Sachs President Cohn.

Janet Yellen's term as chair expires in February. Yellen's predecessor, Ben Bernanke, served two terms from 2006-2014, spanning both the Bush and Obama presidencies.

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

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The resignation of Stanley Fischer, 73, creates another vacancy on the council that oversees the United States central bank.

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

He led the Fed's Committee on Financial Stability and Committee on Economic and Financial Monitoring and Research and represented the body at the Group of 20, Group of Seven and other worldwide forums.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations". I'm personally grateful for his friendship and his service.

Fischer had previously served as the governor of the Bank of Israel from 2005-2013, in addition to posts at Citi, the International Monetary Fund, and the World Bank.

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