Ok, well Bill Dudley is out – on his own volition apparently.
With Vice Chairman Stan Fischer gone and Yellen set to cede the reins to Jerome Powell, the man responsible for the day-to-day implementation of the policies that have shaped the post-crisis financial universe is set to retire in the spring or the summer of 2018, CNBC reports, citing “several people familiar with his plans.”
Officially, his term ends in January 2019.
Obviously, this is a big deal. The New York Fed chief is of course more influential in the Eccles cabal than other regional bank presidents and Dudley’s departure essentially marks a complete changing of the proverbial guard.
With Yellen, Fischer, and now Dudley gone (or leaving), the three most influential policy makers are all headed for greener pastures…
… leaving the fate of the financial universe in the hands of Trump’s Fed pick, an as-yet undetermined Vice Chair and whoever replaces Dudley at the NY Fed.
According to CNBC’s sources, “his departure is said not to be related” to Trump’s decision to replace Yellen. That doesn’t explicitly rule out a scenario where his decision was related to something else Trump has done.
Or who knows, maybe he’s just worried that he no longer understands what’s going on in a world where financial conditions aren’t acting like he thinks they should.
Anyway, maybe there’s hope for you yet Gary…