The unexpected resignation of a top Federal Reserve official Wednesday left an already thinly-staffed central bank without one of its most widely-respected and steady hands at a sensitive and uncertain moment.
Stanley Fischer, the Fed vice chairman, announced his resignation ‘for personal reasons” in a letter to President Donald Trump. He had been confirmed as the Fed’s number-two in May 2014 after Chairwoman Janet Yellen advocated for his nomination.
In his resignation letter, which came as a surprise to analysts and investors, Fischer wrote that policymakers “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 our country’s household and businesses.”
Fischer was “a giant in monetary economics, exceptional credentials, globally respected, a fabulous career. At a time when we have such uncertainty and turmoil in central banks worldwide, he is a stalwart who commands great respect,” said David Kotok, chairman and chief investment officer of Cumberland Advisors.
“This is a big deal,” Kotok added. “What this means is the path for the Fed to make policies is more complicated” at a time when a thinly-staffed central bank is tiptoeing gingerly toward a more normal monetary policy regime.
Read the full article here: http://www.marketwatch.com/story/teacher-to-bernanke-and-draghi-fischer-remembered-as-giant-in-field-2017-09-06