Cites personal reasons
Will depart on or near Oct 13.
This came out of nowhere. Stanley Fischer had until Jan 31, 2020 on his term.
Fischer has been a hawk and the US dollar dipped on the announcement but I see this as improving Yellen’s chances of staying on board, if only to maintain continuity.
At the same time, the Trump administration now has an unprecedented opportunity to reshape the Federal Reserve.
Here is his resignation letter.
Fischer is 73 so the reasons for resigning could be anything. Sarah Eisen on CNBC said he wanted to spend more time with his wife and that the decision wasn’t a surprise to people who know him well.
Here is what Yellen said in a statement:
“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,” said Chair Janet L. Yellen. “I’m personally grateful for his friendship and his service. We will miss his wise counsel, good humor, and dry wit.”