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Quarles' Departure Opens Another Spot For Biden To Fill

FED

Randal Quarles' announcement today that he is resigning from the Board of Governors effective end-year can probably be considered a significant surprise, but not a total shock as he'd lost his position as Vice Chair for Supervision last month. He could have stayed on until 2032 as a Governor.

  • It was more a case of "he may stay on for a while yet" but some had speculated he could leave when his term as chairman of the FSB ends in December.
  • Certainly, market reaction to the news was muted - suggesting this was either seen as not a big surprise, or not seen significantly impacting Fed policy, or both.
  • Though note that it's yet another vacancy for Pres Biden to fill in the near future - and many expect his appointments to tilt in the dovish direction (we saw Quarles as a centrist/lean hawk).
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