Trump 'unlikely to nominate Cohn for Fed chair'

Gary Cohn

The Associated Press Carolyn Kaster

President Donald Trump is looking at a number of candidates to spearhead the Federal Reserve and has soured on nominating his top economic adviser Gary Cohn to lead the USA central bank, according to sources close to the White House and an administration official.

"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 GOP source close to the White House also told CNN's Jake Tapper that Cohn is "more likely to get electric chair than Fed Chair".

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The Journal reported Cohn told associates he was disgusted by Trump's performance immediately after the president's August 15 news conference about the Charlottesville events.

Federal Reserve Chair Janet Yellen's term expires in February 2018, leaving Trump with an increasingly narrow window to make his pick.

The cause of Cohn's fall was his reaction to the president's comments about violence in Charlottesville, Va.

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Trump has said he would consider reappointing Yellen, who was nominated to lead the Fed by his Democratic predecessor, former President Barack Obama.

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

The White House has shot down rumors Cohn would leave over Trump's remarks, and Wall Street panicked when his Cohn's departure seemed inevitable.

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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.

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