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Stanley Fischer in running for Fed vice-chair role

Stanley Fischer in running for Fed vice-chair role

The White House is understood to be considering Stanley Fischer for the vice-chair role of the Federal Reserve.

Fischer, the former governor of the Bank of Israel, was seen as a less likely candidate for Fed chair but he could now be in the running for the number two job, the Financial Times reported.

While incoming chair Janet Yellen was the driving force of the Fed’s 6.5% unemployment rate threshold as part of its forward guidance on rates, Fischer's stance on forward guidance is unclear.

Fischer was formerly chief economist of the World Bank from 1988 to 1990 and then was the second most influential economist at the International Monetary Fund from 1994 until 2001.

During his time as an academic at the Massachusetts Institute of Technology he mentored current Fed chair Ben Bernanke, and Mario Draghi, the head of the European Central Bank.

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