Fed's No. 2 official stepping down in October

Stanley Fischer is stepping down as vice chair of the US Federal Reserve

Federal Reserve Vice Chairman Stanley Fischer is stepping down from his position at the central bank, having forwarded his resignation to President Donald Trump on Thursday.

Fischer cited personal reasons in his letter to Trump, with his health possibly the cause.

Fischer, 73, who has citizenship in both the USA and Israel, joined the Federal Reserve board in 2014 and his term was to expire in 2020. His term as vice chairman was set to expire next June.

"Fischer is seen as a hawk on monetary policy, relative to the Fed chair, having advocated higher interest rates in response to the strengthening US economy", Financial Times said. I'm personally grateful for his friendship and his service.

Janet Yellen's own term as Fed Chair expires in February, and Mr. Trump has not indicated whether he will keep or replace her. "You're talking about a lot of turnover when uncertainty about Fed policy is already high".

Stacy Lewis secures emotional victory in Portland
Jutanugarn matched the fast start by Lewis, also registering birdies on five of the first eight holes in her round of 66. There have been two Solheim Cup victories for Team USA and Stacy Lewis has figured prominently in both wins.

Tamil Nadu girl, who filed case against Neet, ends life
Dejected after failing to secure an MBBS seat despite her efforts, Anitha committed suicide on Friday at her home in Ariyalur . Her suicide sparked a few protests across Tamil Nadu by student organisations and representatives of Dalit parties.

US GDP Second Quarter Growth Revised Up to 3 Percent
The economists expect that the hurricane Harvey, which is now hitting Texas and Louisiana, weighs in on the economic growth. Trump talked up the latest figures in a speech Wednesday in Springfield, Missouri, laying out his plans for tax reform.

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. This latest vacancy comes as Yellen's future leading the central bank remains under considerable doubt.

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. Before that, he was vice chairman at Citigroup. Trump has nominated Randal Quarles, an investment-fund manager and former U.S. Treasury official, as Fed's vice chiair of supervision.

But with Fischer's soon-to-be-vacant seat, the president has the responsibility for nominating a candidate to the seven-member Board of Governors, and each much be confirmed by the Senate.

The US central bank is slowly raising interest rates as the economy grows and unemployment falls.

Related News:

  • WCQ: Ighalo leads Eagles strike force against Cameroon

    WCQ: Ighalo leads Eagles strike force against Cameroon

    The team seems not to have lost yet, but two draws 1: 1 with Algeria and Zambia brought only 2 points to the team's box. He said: "When they were presented to the ministry on Tuesday, we sought the approval of Mr.
    Trump says Missouri Sen. McCaskill should back tax cuts or lose re-election

    Trump says Missouri Sen. McCaskill should back tax cuts or lose re-election

    Republicans quickly embraced Trump's pitch, vowing to work with the president to get a tax rewrite to his desk. Steny Hoyer (D-Md.), the minority whip. "Anybody I forget?" Trump said, before moving on with his speech.
    Osaka warns she's just getting started after beating Kerber

    Osaka warns she's just getting started after beating Kerber

    Kerber then took the same court where she beat Pliskova for the title previous year and took another stinging defeat. Latvia's 13th seed will next meet Romanian Sorana Cirstea, a 6-1 6-3 victor over Dutch qualifier Lesley Kerkove.
  • In Tweet Indicating His Exit, Suresh Prabhu Wishes 'Rail Family'

    In Tweet Indicating His Exit, Suresh Prabhu Wishes 'Rail Family'

    There were no changes in the portfolios of the big three - Arun Jaitley , Sushma Swaraj and Rajnath Singh . R K Singh, former Home Secretary, was given charge of Power and New and Renewable Energy portfolios.
    Tigers trade Justin Upton to Angels

    Tigers trade Justin Upton to Angels

    So far this season, Upton has accounted for 28 home runs and 94 RBI while sporting a.379 wOBA, his highest since the 2011 season. Reynolds said he and Upton spoke with Tigers GM Al Avila recently to gauge the direction the Tigers plan to take.
    Maximum Politics, Maximum Governance Cabinet rejig ahead of 2019 General Elections

    Maximum Politics, Maximum Governance Cabinet rejig ahead of 2019 General Elections

    The Cabinet reshuffle will be closely watched to gauge the message PM Modi wishes to send ahead of the 2019 General Elections. Shah had met Modi on Thursday and the two leaders are understood to have finalised the changes in the council of ministers.
  • USA  disrupts evacuation of IS militants in Syria

    USA disrupts evacuation of IS militants in Syria

    Lebanese army General Fadi Daoud said the area had been secured, but that there was still a danger of mines laid by the jihadists. Iran has been one of Assad's main backers since Syria's conflict began in March 2011.
    Taylor Swift Smashes First Day Record For YouTube Music Video Views

    Taylor Swift Smashes First Day Record For YouTube Music Video Views

    One caveat to Swift's streaming success is that, on Spotify at least, interest in her comeback single dropped over the weekend. After 24 hours, the video racked in over 43.2 million viewers, smashing Psy's record of 36 million for his "Gentleman" video.
    Moeen makes vital breakthrough but Test remains in the balance

    Moeen makes vital breakthrough but Test remains in the balance

    Brathwaite's 180-ball innings, including 12 fours, meant the opener had batted for more than 10 hours in the match. His wicket gave the home side an end to bowl at but Hope and Roston Chase accumulated steadily after the interval.
  • Duke and Duchess of Cambridge expecting their third child

    However, Prince Harry will be pushed further down the line of succession by his newest nephew or niece. The Duke and Duchess of Cambridge are expecting their third child , Kensington Palace has announced.
    Apple to hold event on September 12th

    Apple to hold event on September 12th

    With Apple celebrating the iPhone's 10th anniversary this year, fans should expect something pretty special to arrive next month. As is usually the case, the invite doesn't hint at what the event has in store, other than the different hues of the Apple logo.
    Merkel Says Sanctions To Be Lifted Once Ceasefire In Donbass Implemented

    Merkel Says Sanctions To Be Lifted Once Ceasefire In Donbass Implemented

    She said that the spat between Warsaw and Brussels touches on "the basis of cooperation inside the European Union ". She also raised the prospect of agreeing legal contingents of African migrants who want to study or work in Europe.


Most liked

Ranked Pliskova races into US Open quarter-finals
The Estonian Kaia Kanepi has also obtained his pass to the quarterfinals by beating Russian Daria Kasatkina 6-4, 6-4. This will mark the fifth meeting between Pliskova and Vandeweghe, with each taking two wins to date .

Myanmar's Suu Kyi faces pressure
Prime Minister Modi with the State Councillor Aung San Suu Kyi", External Affairs Ministry spokesperson Raveesh Kumar tweeted. Turkey said that Myanmar agreed to allow its aid officials to enter Rakhine state with a ton of food and goods for Rohingya.

Redskins place Su'a Cravens on exempt/left squad list
Clemmings off waivers from Minnesota, later Sunday. "We're here to support him", Swearinger said. He also had some big moments and a stellar play which excited the Redskins about his potential.

3-magnitude 'explosion' detected in North Korea, says USGS
Moscow urged all sides involved to hold talks, which it said was the only way to resolve the Korean peninsula's problems. Later on Sunday, Russian President Vladimir Putin was set to meet his Chinese counterpart Xi Jinping in China.

North Korea confirms powerful hydrogen bomb test
Japanese Prime Minister Shinzo Abe said he asked officials to cooperate with the U.S., South Korea , China and Russian Federation. Sunday's test is the country's sixth and most powerful nuclear test, thought it is the first since Trump took office.

US President Donald Trump tells Russian Federation to close consulate
Antonov was greeted by the news of the USA ordering closing down of Russian Consulate in San Francisco . Mr Tillerson and Mr Lavrov will likely meet in NY in September according to the State Department.

Mnuchin says hurricane relief aid should be tied to raising debt limit
There's talk that the House is going to take up, that's nearly a billion dollars in disaster relief this next week. We need to make sure that we can get to Texas the appropriate amount of money to rebuild the state.

Colombia's Lopez marks 2nd victory in Vuelta a España
Monday is the second rest day for the three-week race, which heads north on Tuesday with an individual time trial. Nibali finished six seconds down while Alberto Contador , who attacked with Lopez, paid the price, losing 40sec.

Colts acquire QB Brissett from Patriots for WR Dorsett
The Colts get a quarterback who made two starts during the 2016 season as a rookie after he was taken in the third round. It just allows him to be able to return to the practice field, rather than being shelved for the first six weeks.

Arkansas sending 1500 National Guardsmen to Texas
The 1,500 guardsmen who are being sent are primary Army guardsmen who drill regularly, Phillips said. Eight of the soldiers and both helicopters are based in Davenport.

Gas prices spike in London to $131.9/L
McTeague says with supply down, "there are very few refineries that make enough gasoline to supply markets south of the border". Roger McKnight, senior petroleum analyst with En-Pro International Inc., said he has never seen such a big price increase.

Thomas Lemar : France hero happy staying put at Monaco
Last season, the former Caen starlet made 55 appearances in all competitions for Monaco, scoring 14 goals and picking 17 assists. Asked where he would be going once the current global get together was over, Lemar added that he would be Monaco bound.

Zappacosta completes £23m Chelsea move on four-year deal
Zappacosta becomes the fifth new addition for the Blues after Alvaro Morata, Tiemoue Bakayoko, Antonio Rudiger and Willy Caballero.

New York Jets trade Sheldon Richardson to Seattle Seahawks
The next year, Richardson was suspended again for one game due to his June 2015 arrest for reckless driving and resisting arrest. After years of speculation, the New York Jets have traded former first round pick Sheldon Richardson to the Seattle Seahawks .

Christian child forced into Muslim foster care in London
The transition from one home to another - sometimes multiple homes - can cause anxiety and feelings of instability. Esmat's family speak a mix of English and Gujarati, but when foster children are with them, they stick to English.