White House adviser Gary Cohn delivered a public rebuke of President Trump after the violence in Charlottesville, and the Wall Street Journal reports that it might have cost him his chance at becoming the next Federal Reserve chief. The newspaper says the president is now unlikely to appoint Cohn to succeed Janet Yellen when her term expires in February. Cohn is currently Trump's chief financial adviser as head of the National Economic Council, but a White House official tells the newspaper that Trump "visibly bristles" at the mere mention of Cohn. The development appears to boost the odds of Trump asking Yellen to serve another term.
While critical of Yellen's policy of keeping interest rates low in the campaign trail, Trump has expressed admiration for her as president. However things shake out, Trump will have ample opportunity to put his mark on the Fed. On Wednesday, Fed Vice Chairman Stanley Fischer announced that he was retiring in October for personal reasons, reports the AP. His vacancy means that four of seven seats on the Federal Reserve's governing board will be open. The Journal notes that Cohn may yet salvage his relationship with Trump if he manages to shepherd tax reform through Congress. (Read more Gary Cohn stories.)