Update: The Wall Street Journal confirms that Larry Kudlow was offered the job as director of the National Economic Council and he accepted.
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As we detailed earlier, what had been rumored for days, was just confirmed by CNBC, which reported moments ago that President Donald Trump plans to name Larry Kudlow as his top economic advisor.
Trump could announce his decision to choose Kudlow as his National Economic Council chairman as soon as Thursday. The CNBC senior contributor and on-air personality would replace Gary Cohn, who left the White House earlier this month amid disagreements about tariffs on steel and aluminum imports.
As has been the case in past days, when every time news of Kudlow's role in the NEC emerged the market rebounded, today was no exception, and the S&P has managed a modest rebound on the news that a somewhat moderate economist will replace Gary Cohn.