Janet Yellen may be out of the race as President Donald Trump's nominee for Federal Reserve chair, according to a report Thursday, Oct. 26, from Politico, which cited one person who speaks "regularly" with Trump. The report dropped the day after the president, in an interview, said he thinks Yellen is "terrific" but doubted whether he wanted to stick with a pick made by his predecessor.
Markets appeared unfazed by the report and instead focused on earnings from names such as Twitter Inc. (TWTR) and Ford Motor Co. (F) . The Dow Jones Industrial Average climbed 0.45% in early-morning trading, the S&P 500 rallied 0.27% and the Nasdaq gained 0.04%.
U.S. stocks were similarly unmoved on Wednesday, Oct. 25, when Bloomberg reported Gary Cohn, Trump's top economic adviser and former chief operating officer at Goldman Sachs Co., was no longer in contention for the Fed spot.
Yellen and Cohn were, according to multiple published reports, among five finalists under consideration to lead the Federal Reserve, along with Fed Gov. Jay Powell, Stanford University economist John Taylor and former Fed Gov. Kevin Warsh. The Politico report from Thursday also said Warsh was out of the running for Fed chair.
A White House spokeswoman said in an email to TheStreet that no final decision has been made on the Fed. President Trump is known to change his mind often.
Yellen, the current Fed chair, was appointed by former President Barack Obama and sworn in in February 2014. Her term expires in February 2018 if Trump doesn't renominate her.
Trump told Fox Business Network's Lou Dobbs in an interview aired Wednesday he likes Yellen, but perhaps not so much he'd stick with a decision made by Obama, with whom he has a cold relationship.
"In one way, I'd have to say, you'd like to make your own mark," he said, "which is maybe one of the things she's got a little bit against her."
Trump is expected to announce his decision before he heads to Asia on Nov. 3.
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