Fischer's exit makes Trump's choice for Fed chair even starker

Washington

STANLEY Fischer's surprise early exit from the Federal Reserve makes US President Donald Trump's biggest economic decision of the next few months even starker: whether to preserve continuity at the top of the nation's central bank - or not.

Chair Janet Yellen's term expires in February, and her reappointment has not been seen as likely. Mr Fischer, the vice-chairman, announced on Wednesday that he will leave the Fed in October. Both are former economics professors and long-time central bank officials. Mr Trump also has two more governor vacancies to fill, after nominating Randal Quarles to lead the institution's regulatory efforts.

Presidents have mostly opted for insiders since businessman William Miller, appointed by Jimmy Carter, lasted less than two years as chairman in the late 1970s. Mr Fischer and the previous two Fed vice-chairs had all been central bankers before they took the post. Three of the past four chairs were central bankers, the exception being Alan Green…