Fed watchers had thought he would step down, but had not expected it to be so soon. While at MIT, Fischer oversaw former Fed chairman Ben Bernanke's thesis and taught European Central Bank President Mario Draghi, according to Bloomberg.
During his tenure at the Federal Reserve, he served as chairman of the Fed's committee on financial stability and the committee on economic and financial monitoring and research, and represented the Fed at global regulatory gatherings. Rate increases are a sign that the economy is improving.
"It has been a great privilege to serve on the Federal Reserve Board.During my time on the Board, the economy has continued to strengthen.We have built upon earlier steps to make the financial system stronger and more resilient", he said.
Maria Sharapova bows out, still comes away a victor at US Open
The Russian was bidding to make the second week of her first Grand Slam since returning from a drugs ban. Kvitova, a two-time Wimbledon victor , eliminated No. 3 seed Garbine Muguruza, 7-6 (7-3), 6-3.
Fisher's term was not set to expire until June of next year. Quarles' nomination is still pending before the Senate.
Congress already faces a crowded agenda this fall: It needs to raise the country's borrowing limit, reach a budget agreement to keep the government operating, and plans to take up complicated tax reform.
Trump criticized Yellen's low-interest rate policies during the campaign but has tempered his comments since the election. Mr Trump has said she could be re-appointed, though other candidates are also under consideration. Prior to Fischer's announcement, analysts were predicting National Economic Council Director Gary Cohn would be the president's choice to succeed Yellen.
"Of course there's also uncertainty surrounding who will be sitting atop the FOMC in 2018", says Mendes. "It adds to the cloudiness of the outlook for monetary policy". Before that, Fed officials hadn't voted for a rate hike in almost a decade.