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Trump 'unlikely to nominate Cohn for Fed chair'

08 September 2017

Earlier Wednesday, the Federal Reserve's vice chairman, Stanley Fischer, announced he will end his term early.

President Donald Trump is unlikely to nominate his economic adviser Gary Cohn to become Federal Reserve chairman, the Wall Street Journal reported Wednesday.

Cohn remains "focused on his responsibilities ... including a once-in-a-lifetime opportunity to deliver meaningful tax reform that creates jobs and grows the economy, '"a White House spokesperson said". Fed chair Janet Yellen's term expires in February.

Another administration official said Trump was "considering several candidates" for the Fed.

Cohn, who is Jewish, allegedly considered resigning after Trump criticized "alt-left" protesters and said there were many "fine people" who marched with neo-Nazis and white nationalists.

Latest North Korean missile test continues to strain global relations
So the question is whether North Korea will put some checks on itself as it seeks to expand its weapons tests in the Pacific. Still, it's unclear whether the North will ever act on its threat to fire missiles at the "advanced base of invasion".

Cohn was reported to have drafted a letter of resignation because he took umbrage with the President's infamous remark blaming Charlottesville on "both sides".

In the almost two weeks since Cohn said "the administration can and must do better in consistently and unequivocally condemning" hate groups, Trump has stewed over the comments.

As a member of the "Big Six", Cohn is one of two administration officials representing the administration in tax reform deliberations with congressional GOP leaders.

Majority of the potential candidates who are in the mix for Fed chair are hawkish on interest rates, including Warsh, an ex- Wall Street banker who served as a Fed governor at the time of the financial crisis, and Taylor, author of a widely cited but only loosely followed mathematical rule for setting interest rates.

Trump 'unlikely to nominate Cohn for Fed chair'