Federal Reserve Governor Jeremy Stein endorsed a warning by economists that raising the main interest rate may cause a financial-market convulsion similar to the “tantrum” that occurred last year after the Fed said it was considering trimming its bond purchase program.
Nathan Sheets, the Federal Reserve’s behind-the-scenes international emissary during the global financial crisis, is returning to the fray as Treasury Secretary Jacob J. Lew’s frontman on the world economic stage.
Stanley Fischer, the nominee for vice chairman of the Federal Reserve, disclosed assets of as much as $56.3 million and said he would sell his shares of financial companies including BlackRock Inc. if he is confirmed.
In October 2001, Stanley Fischer traveled to the London School of Economics to speak on the lessons of his seven years battling turmoil in emerging markets as the International Monetary Fund’s No. 2 official.
Stanley Fischer, said to be the leading candidate for the No. 2 job at the Federal Reserve, offers crisis-fighting experience and a dose of skepticism about efforts to shape expectations on the outlook for interest rates.