Fischer’s resignation takes effect Friday, a move he announced in September that he attributed to “personal reasons.” His departure comes two days before his 74th birthday.

Former President Barack Obama nominated Fischer to the Fed in October 2014.

During his tenure, the central bank began its first steps toward policy normalization after the extreme accommodation it followed for years. The Fed has hiked its benchmark interest rate four times since December 2015 and is on track for one more hike in December.

Also, the Fed this month will begin another historic process — the reduction of its $4.5 trillion balance sheet. The process will entail the Fed allowing some of the proceeds for the bonds it purchased during its stimulus efforts to roll off. The central bank is hoping that markets see little turbulence from the process.

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Source: Investment Cnbc
Departing Fed Vice Chair Fischer says there's a 'good chance' of a hike in December