Federal Reserve Deputy Chairman Stanley Fischer is stepping down

Federal Reserve Deputy Chairman Stanley Fischer is stepping down at the central bank, he said in a letter to President Donald Trump. Pointing out that the reasons for his decision were personal, Fischer, said he was leaving the post on October 13.
"It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Janet Yellen as well as many other dedicated and talented men and women throughout the Federal Reserve system", Stanley Fischer wrote in a letter.
The resignation comes before his mandate expires on June 12, 2018, and opens another vacancy that Trump has to fill at a critical time for the Federal Reserve. The central bank must begin to reduce its balance sheet worth 4.5 trillion USD it has accumulated in an attempt to boost the economy, and is trying to normalize interest rates after keeping them close to a zero level for seven years.
Trump has already nominated Randal Quarles for an empty spot in the Fed and will now have to fill up at least two. In addition, Yellen's term expires in February.
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