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Fed stimulus cuts to continue, Fischer on course to replace Yellen

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Fed stimulus cuts to continue, Fischer on course to replace Yellen

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The US central bank is to continue to cut its stimulus programme.

Despite recent weak growth, the Federal Reserve – under new chair Janet Yellen – announced a further $10 billion reduction of monthly bond purchases.

As that meeting started, the Senate Banking Committee approved Stanley Fischer to replace Yellen as the central bank’s No. 2.

His previous roles include being second in command at the International Monetary Fund, chief economist at the World Bank and vice chairman at Citigroup.

He now goes before the full Senate for a final confirmation vote.

with Reuters