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

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

One of the top bankers at the US Federal Reserve said he will retire next month from its governing board, citing personal reasons.

His resignation letter, which was addressed to U.S. president Donald Trump and was also published by the Federal Reserve, cited "personal reasons" as the cause of his departure.

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.

Fed Chair Janet Yellen said Fisher would be missed.

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"The combination of his encyclopaedic knowledge of economics, outstanding judgment, quiet leadership and his perennial good humour has helped policymakers around the world to navigate one of the most challenging periods in the global economy".

Significantly, barring any further clarification Fischer's resignation might lead markets to believe it implied a lower likelihood of Fed president Janet Yellen being renewed in her post, said Paul Ashworth, chief United States economist at Capital Economics.

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.

Three spots on the seven-member board were already vacant.

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Fischer, a respected 73-year-old economist and former head of Bank of Israel, has joined the Fed board since May 2014 and served as chairman of the board's committee on financial stability.

"Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations".

"He represented the Board internationally with distinction and led our efforts to foster financial stability", she added. The Senate is expected to vote tomorrow on the nomination of Randal Quarles, who was appointed by President Trump to serve as the Fed's vice chairman for supervision.

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