Vacancy opens up on Fed as Stein resigns

|By:, SA News Editor

Jeremy Stein has been a member of the Board of Governors since May 30, 2012 and his resignation is effective on May 28. His term doesn't end until 2018.

Stein has been the rare Fed member to express at least some worry over the possibility of overheated markets amid the central bank's stimulus efforts, and bond prices have nosed up just a bit in wake of the announcement, with the 10-year note yield dipping to the day's low of 2.78%.

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Resignation letter