The Federal Reserve said D. Nathan Sheets quit as the central bank’s chief international economic adviser after almost four years in the position and a day before policy makers meet.
The Fed, in a statement today in Washington, didn’t say why Sheets, 46, is leaving the institution.
Sheets is using annual-leave days between now and his official departure date of Sept. 9
The departure means all three of Bernanke’s top staff advisers have left their positions or announced their departures in the last 13 months.
Obviously, I have no inside information. But on the surface, this looks REALLY bad. Sheets wanted out immediately on Monday, August 8th. So much so, he basically walked away.
There are many theories that come to my head, first and foremost actions are being taken that we are not aware of that he wants no part of.
I am adding this to my "Financial Ground Zero" series, as I believe in the year ahead, it will become clear why Bernanke's team are leaving.
The markets may be worse off than I thought....