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Stanley Fischer

Vice Chairman of the Federal Reserve

Policy Stance Neutral
Voting Member Yes
Date Assumed Current Office 01/01/2014
Rate Outlook
Fischer expects the will likely raise short-term rates “before the end of the year," but has repeatedly emphasized that all decisions will be dependent on incoming economic data. In Fischer's view, the Fed should remain flexible until it is shown that inflation and employment are back to normal. Fischer said there had been "two very positive numbers for the first quarter of 2015," but he has not yet publicly commented on the disappointing March jobs report. Whenever the Fed finally hikes rates, Fischer has warned not to expect steady, predictable rate increases from there. “A smooth path upward in the federal funds rate will almost certainly not be realized, because, inevitably, the economy will encounter shocks," he said in March.
Biography
Stanley "Stan" Fischer was born in 1943 in Zambia. Fischer earned a Ph.D. in economics from the Massachusetts Institute of Technology in 1969. From 1977 to 1999, Fischer was a professor of economics at MIT, while also serving as the first deputy managing director of the International Monetary Fund from 1994 through August 2001. He moved on to Citigroup, where he was vice chairman from 2002 to 2005. Later, for his work with the Bank of Israel, Fischer was declared Central Bank Governor of the Year in 2010 by Euromoney magazine. Fischer succeeded Janet Yellen as vice chair shortly after Yellen became chair of the Federal Reserve in 2014.