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After resignation – future course of the US banknote unclear News

Thursday, September 7th, 2017 | Economy

Because of the open questions of human interest, the further monetary policy course has been in the stars since the end of interest rates at the end of 2015 after four interest rate hikes.
The odds of Trumps economic consultant Gary Cohn to become a new US banker seem to have shrunk. Cohn's nomination was unlikely, the Wall Street Journal reported on his website on Thursday night. The paper refers to several people who are familiar with Trump's "way of thinking". Cohn was regarded as a top contender to the position of the current banker Janet Yellen, whose term of office expires in February 2018.
Trumps's rethinking is primarily due to Cohn's criticism of the missing US President's absence from the riots of right-wing violence in Charlottesville, reports the newspaper. A refusal to Cohn could increase the chances of Yellens on a second term of office. But there are also other names as possible successors of Yellens, among them the well-known economics professor John Taylor.
Fed vice
In the meantime, the number two surprise the post in the Fed leadership circle. Deputy chairman Stanley Fischer will leave his post on October 13, according to a Fed announcement on Wednesday. In a letter to US President Donald Trump, the 73-year-old declared his resignation with personal reasons. No details were given regarding a possible successor.
Fischer had been a member of the Fed since May 2014 and was appointed by the then President Barack Obama. Previously, he was head of the Israeli bank. Actually Fischer's term would not have ended until June 2018. The early withdrawal gives Trump now even more room for the re-establishment of the Fed's leadership circle.
Influence of Donald Trump
How the US president will benefit from this leeway could have a significant impact on the Fed's future course. The differences between Trump and Fischer are mainly related to the issue of banking regulation. Trump wants to relax the rules tightened in response to the financial crisis. The banknotes are opposed.
After Trump had harshly attacked Yellen in the last election campaign for her loose monetary policy, he finally said that he was low-interest. No wonder: they keep the economy on track and tend to weaken the dollar, which Trump considers too much overvalued.
This week, US banknotes had signaled signals against further interest rate rises. The recent increases could have hurt the economy, said Fed member Neel Kashkari. "Why do we raise interest rates?" His colleague Lael Brainard also cautioned.
Fed member Robert Kaplan, on the other hand, said he would be able to introduce a further rate hike this year. This, however, depends on inflation. According to the Fed's economic report released on Wednesday, the US economy remains on a growth path. However, wages are rising only slowly.


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