LONDON (Reuters) - Any new head of the Federal Reserve will need to have the “flexibility of mind” to change tack during acute periods of crisis, the U.S. central bank’s outgoing Vice-Chairman Stanley Fischer said on Wednesday.
Asked what characteristics were needed to navigate “never-say-never” crisis events, Fischer said: “You simply need someone who has the flexibility of mind to see that he or she needs to take a different route at a particular moment in time or over the next year or two.”
U.S. President Donald Trump is expected to name who will head the Fed from February in the next 2-3 weeks.
Trump has previously suggested he may reappoint Fed Chair Janet Yellen to the post. Jerome Powell, one of the current governors on the Fed’s board, also met with Trump last month according to reports.
Other names that have been reported by media to be on the candidate list include another former Fed governor, Kevin Warsh, Minneapolis Fed president Neel Kashkari and Stanford university economist John Taylor.
“Having the basic theoretical knowledge and experience increases your self confidence,” Fischer, who made the comments in an interview with Bloomberg television, added.
“Is it essential? I doubt it, there are very smart people who could figure this out in many ways, but is it helpful? Yes very much so.”
Reporting by Marc Jones; Editing by Toby Chopra