Stanley Fischer Resigns As Fed Vice-Chair

Developing…

Ok, and now Fischer is resigning…

He’s citing “personal reasons.”

“Stan’s keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations,” Yellen says. “He represented the Board internationally with distinction and led our efforts to foster financial stability.”

Here’s the letter he sent to Trump:

We don’t want to speculate too much here, but we’d be remiss if we didn’t note that there are good reasons to leave now.

For one thing, it’s probably not a terrible idea to get out ahead of whatever happens when the balance sheet gets unwound.

And for another… well… see this: