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Federal Reserve "II" accidental resignation!
Views: 942 Update Date:Sep 10 , 2017
Federal Reserve decision-making personnel big start in advance.
US Federal Reserve Vice President Stanley Fischer filed a resignation with President Trump and the White House on Wednesday, saying that because of "personal reasons", the next month - on October 13th, Membership of the Federal Reserve.
The Fed's official website then confirmed that Fisher's resignation will take effect around October 13. Federal Reserve Chairman Yellen said that Fisher made a valuable contribution to the Fed's monetary policy, leading the Fed to enhance financial stability.
Fisher's term was originally due to June 12 next year, Yelun's term of office as of February next year. US media that Fisher left early to Trump reconstruction Fed leadership left room.
In July this year, Randal Quarles, executive partner of The Cynosure Group, a Trent nominated equity firm, was the first vice president to supervise the banking system in the history of the Federal Reserve. After the departure of Fisher, Trump now at least have to nominate two senior officials of the Federal Reserve in order to fill the Fed high-level vacancies in March next year.
Fischer resigned after the news, Wednesday US stocks rose slightly unchanged momentum, the dollar index refresh day as low as 92.03, then fell further, Beijing time 23 points 34 points or so, the decline expanded to 0.34%, refresh since August 29 Low to 91.99, down 39 points from the day high.
Fischer resigned after the announcement, the US Treasury prices have short-term higher, yield fell. Beijing time 23:20 or so, 10-year US Treasury yields refresh day as low as 2.054%, then smoothed down, rose to about 2.080% intraday high.
After the news of the resignation of Fisher, gold has been short-term higher. Beijing time around 23:15, spot gold approaching 1341 US dollars / ounce, the distance is less than two dollars high, then fall, by the rise or fall.
good news? bad news?
Fisher is 73 years old, is to support the contract, tend to hawks the Fed senior officials. Wall Street has told him that he has made great achievements in academic research and central bank. European Central Bank President Draghi, former US Treasury Secretary Summers and many other central bank governors and economists are his students. Former Federal Reserve Vice President, he led the Israeli central bank to survive the financial crisis.
Fischer left means that the Fed has a less adhere to the financial regulatory decision-makers, Wall Street agencies may be further relaxed by the regulation. However, the important monetary decision-making body leadership turmoil on the market is not good news.
Boris Schlossberg, Managing Director of BK Asset Management's foreign exchange strategy, argues that Fisher's departure is not good news, he and Yale are the cornerstone of monetary policy.
"Overall, the capital market hates change, we will see the Fed change, it is the last US independent and capable decision-making body."
Fischer did not elaborate on the reasons for his resignation on Wednesday, but noted the Fed's success during his tenure: the economy continued to strengthen; and millions of new jobs for American laborers. He also specifically mentioned:
Learn the lessons of the most recent financial crisis, take steps ahead to strengthen the financial system, make the system more resilient, and better provide credit to our country's family and business.
In April this year, Fisher said he was wary of the new regulatory framework becoming weak. He said, it seems that we have forgotten a banking system triggered by the financial crisis, it caused great harm to the United States. The robustness of the financial system "is undoubtedly of vital importance for the economy to continue to grow at a reasonable rate", and it is "very dangerous" to take action to remove the structure of the financial system.
Yelun fate has been similar to the "farewell" language
Trump's stay in Yelun came to power after much attention. Trump in the campaign during the fierce criticism of the Fed's ultra-low interest rate policy, saying it whitewash the performance of the Obama administration, also said to find someone to replace and Obama as Democrat Yelun. He became a big change after taking office in April this year, "really like low interest rate policy", not against Yelun re-election next year.
So far, Trump has not made a clear statement will not nominate Yelun re-election. But the media frequently came to Trump to find Yelun substitutes of the news.
In June, Wall Street Journal said the White House began looking for the next Fed presidential candidate, former Goldman Sachs president, Trump's chief economic adviser Gary Cohn will preside over the operation. July Politics News Politico news that Trump is increasingly impossible to nominate Yale for the next Federal Reserve Chairman, Cohn as long as willing to get this position.
