Fed Vice Chairman Fischer to resign for 'personal reasons'

His resignation will take effect October 13.

Yellen's term as Fed chair ends in February. Trump has said that a renomination of Yellen is under consideration, though the White House is also looking at other candidates.

In a note to clients on Wednesday, Paul Ashworth, chief U.S. economist at Capital Economics, wrote that Fischer's resignation "presumably lowers the odds of [Yellen] being nominated for a second term [as Fed Chair]". Trump has nominated Randal Quarles to fill one of those vacancies but the Senate has not confirmed him yet.

Fischer used his resignation letter to offer a summation of what he sees as the Fed's accomplishments during his tenure as vice chair.

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.

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Fischer is 73 years old. He was expected to resign when his term expired but the early resignation caught many Fed watchers by surprise.

Fischer is an elder statesman of American finance.

Fischer, who was born in Zambia and educated in London, was nominated to the Fed by President Barack Obama after serving as the governor of the Bank of Israel from 2005 to 2013. He was also the first deputy managing director of the International Monetary Fund from 1994 to 2001 and was the chief economist for the World Bank between 1988 and 1990.

With an academic approach to policymaking, born of professorship at the Massachusetts Institute of Technology and University of Chicago, Fischer had contributed a more moderate perspective on interest rate hikes and voted for the Federal Open Market Committee's monetary policy action.

(Copyright © 2015. All Rights Reserved.)
 
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