Fed Vice Chairman Fischer to resign for personal reasons

Barratt Developments was the sharpest faller on the FTSE 100 early on despite hiking its dividend

Federal Reserve Vice Chairman Stanley Fischer has resigned effective in mid-October, giving President Donald Trump scope to start reshaping the leadership of the U.S. central bank sooner than expected and clouding the longer-term outlook for monetary policy.

Fischer, 73, cited "personal reasons", for his resignation, which will take effect October 13. Fischer, 73, whose term was set to expire in 2020, cited personal reasons for his departure.

"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.

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The 73-year-old will step down on Oct 13, almost a year before his term as vice chair was due to expire and two and a half years before the end of his term on the Fed's board of governors, the Fed said in a statement.

Trump already has nominated Randal Quarles to one vacancy and now will have at least two more beside, potentially, Yellen.

"Fischer was the voice of experience, having been a central banker and his worldwide standing was impeccable", JPMorgan Chase & Co.'s chief United States economist Michael Feroli said.

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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. It also leaves another critical position within the central bank to be filled by President Donald Trump, as Chair Janet Yellen's term will expire early next year. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student.

Fischer had previously served as the governor of the Bank of Israel from 2005-2013, in addition to posts at Citi, the International Monetary Fund, and the World Bank.

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