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Choice for Fed deputy implemented devaluation in Israel
Fischer Seen Bringing Crisis-Fighting Skills to No. 2 Fed Post
By Joshua Zumbrun and Rich Miller
Bloomberg News
Thursday, December 12, 2013
WASHINGTON -- Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.
The former Bank of Israel governor, though a newcomer to the Fed, also brings continuity and strong academic credentials: as a professor of economics at Massachusetts Institute of Technology, he taught Fed Chairman Ben S. Bernanke, whose term ends in January, and European Central Bank chief Mario Draghi.
Fischer, 70, is President Barack Obama's top choice to succeed Fed Vice Chairman Janet Yellen, who has been nominated to replace Bernanke, according to people familiar with the selection process. Obama has already offered the job to Fischer, who accepted it, said one of the people. The decision was made jointly by the president and Yellen, who is awaiting Senate confirmation as Fed chairman, the person said. ...
Fischer earned a reputation as a trailblazer as the first central banker to cut interest rates in 2008 at the start of the global crisis and the first to raise them the following year in response to signs of a financial recovery.
He also bought up foreign currency in unprecedented amounts to drive down the value of the shekel and boost exports, more than doubling reserves. ...
... For the full story:
http://www.bloomberg.com/news/2013-12-12/fischer-seen-bringing-crisis-fi...
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