Former Goldman Sachs President Gary Cohn reportedly will lead the search for the next Federal Reserve chief.
Although President Donald Trump's relationship with the Fed has been friendly to date, that doesn't mean Chairwoman Janet Yellen is likely to stay on, the Wall Street Journal reports.
Meanwhile, some market strategists believe U.S. National Economic Council Director Cohn could be a candidate for the post himself.
“Officials won’t publicly outline any timetable for their decision or shortlist of candidates. Fed Chairwoman Janet Yellen’s term runs through January, and President Donald Trump didn’t rule out her reappointment in an April interview,” the Journal reported.
“Ms. Yellen’s reappointment isn’t an outcome many observers expect because of Mr. Trump’s fierce criticism of her during the final weeks of last year’s presidential campaign. But his willingness to consider her speaks to the amicable relationship they have forged since Mr. Trump took office, observers say,” the Journal explained.
Trump has been relatively silent about the Fed and Yellen since taking office.
“An alternative to Ms. Yellen could be Mr. Cohn, who became Mr. Trump’s top economic adviser after a 26-year career at Goldman Sachs Group Inc. Mr. Cohn has emerged as a key intermediary in the administration’s relationship with the central bank,” the WSJ reported.
For his part, Cohn said the White House had not decided on whether to keep or replace Federal Reserve Chair Janet Yellen when her term expires in February, while signaling he didn’t want the job.
“We’re not at a time when we’re going to be even thinking about that,” President Donald Trump’s top economic adviser recently told Bloomberg Television.
Asked if he’d want the position, Cohn said “I have a great job running the NEC right now” and added that he was “very happy.” Fielding a similar question earlier on CNBC, he said, “No, I have a great job right now serving the president. It’s been a dream come true. I come into work every day and I’m very excited to be in the White House.”
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