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Fed's No. 2 official stepping down in October

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Federal Reserve Vice Chair Stanley Fischer announced Wednesday that he will resign on October 13.

Fischer told President Trump in a letter released by the Fed that he was leaving for personal reasons.

"I'm personally grateful for his friendship and his service. We will miss his wise counsel, good humor, and dry wit," Fed Chair Janet Yellen said in a statement.

Fischer's term as vice chair was set to expire in June 2018.



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