Trump May Dump Pick For Fed Chair Over Charlottesville

Gary Cohn

Fed Vice Chairman Stanley Fischer announced on Wednesday he'd step down from the bank in October, giving Trump a bigger fingerprint on the Fed.

President Donald Trump may choose not to nominate Gary Cohn as Federal Reserve chairman over comments he made about the Charlottesville riots, sources told The Wall Street Journal.

"The shift in Mr. Cohn's prospects for the top Fed job arises largely from his criticism of Mr. Trump's response to the violence in Charlottesville, Va., the people familiar with the matter said", according the WSJ.

A White House official said Mr Cohn remained an essential player in Mr Trump's push for tax reform.

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

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Yellen's four-year term ends in February.

"Taking Gary Cohn out of the running - he is someone who is respected enormously in the markets - is at least a little bit unsettling", said Chris Low, chief economist of FTN Financial.

But the critique to the FT caught Trump off guard, the Journal reported - and he now "visibly bristles" at the mention of Cohn.

A White House official cautioned that Mr. Cohn, a former Goldman Sachs executive, may be able to fix his relationship with the president. Privately Cohn has told associates he was disgusted with the president's remarks.

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.

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