>> While Wall Street is trying to figure out whether Federal Reserve chair, Janet Yellen, will stay on or go when her term expires early next year. Her second in command, Stanley Fischer, making a shocking announcement Wednesday. He's stepping down on or around the 13th of October. The 73 year old's departure creating yet another vacancy for President Trump to fill.
And speeds up the clock on a Yellen decision, says Reuters Fed watcher Jonathan Spicer.>> If the Trump administration thought, as President Trump has said actually in an interview, that he has until the end of the year to decide about Janet Yellen's fate and who will run the Fed.
This announcement about Stan Fischer leaving probably forces that issue a little bit. And President Trump may not be able to wait until the end of the year because of the new uncertainty around monetary policy.>> Fischer's resignation comes at a crucial time for another reason. The Fed is trying to engineer a safe exit from the massive stimulus it's been providing ever since the financial crisis.
>> Someone who I just spoke with called him the central bank whisperer. So his loss will definitely be felt at the Federal Reserve, but also globally. This is an individual who really was one of the architects of modern monetary economics. And he's leaving at a time that really a lot of classic economists and modern economists are throwing up their hands wondering what the heck is going on with all this low inflation around the west.
>> His impressive career included being the head of the Bank of Israel, executive at Citi Group, and a high ranking official at the International Monetary Fund and World Bank. Giving him the clout of an elder statesmen that will be missed as the Fed hobbles along now with four empty seats.