U.S. Federal Reserve Vice Chairman Stanley Fischer, considered to be a veteran central banker who helped shaped the modern time's monetary policy, announced that he will resign from his post in the governing board by mid-October.

In his resignation letter, Fischer said that job growth has recovered in the U.S. and that necessary actions to make the country's financial system stronger and more durable has also been taken. He cited personal reasons for his resignation.

The stepping down of the top central bank official creates another vacancy on the council that supervises the U.S. Federal Reserve. Before his announcement, there were already three vacant spots on the seven-member board.

Janet Yellen's term as the Federal Reserve's chairman is also due to expire in February 2018 and President Donald Trump has not expressed yet whether she will be reappointed. While Trump has given a nod of approval to her performance, he also expressed his view that someone else, namely his economic adviser Gary Cohn, can be put in the position as the head of the U.S. central bank.

Fischer's departure from the governing board is seen to accelerate President Trump's opportunity to make changes in the central bank. The White House did not issue an immediate comment on Fischer's resignation or regarding the timing for appointing a new person to his spot or other vacancies on the Fed.

The material has been provided by InstaForex Company – www.instaforex.com


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