Just a few short hours after Stephen Moore assured Bloomberg reporters during an interview that "I'm all in" despite the Senate pushback to his Federal Reserve nomination (and notably disagreeing with Trump that a 1% rate-cut was needed, something that prompted us to crack an all-too-prescient joke)...
MOORE SAYS HE DOESN'T SEE CASE FOR 1 POINT RATE CUT TRUMP WANTS— zerohedge (@zerohedge) May 2, 2019
...President Trump has just confirmed that Moore has withdrawn his nomination:
Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process. Steve won the battle of ideas including Tax Cuts....— Donald J. Trump (@realDonaldTrump) May 2, 2019
....and deregulation which have produced non-inflationary prosperity for all Americans. I’ve asked Steve to work with me toward future economic growth in our Country.— Donald J. Trump (@realDonaldTrump) May 2, 2019
So who is next?
As Jim Rickards previously noted, that if Moore withdraws next or if his nomination is defeated, no worries. There’s some indication that Trump’s next nominee will be Judy Shelton.
She does have a Ph.D. and is a well-known advocate of a new gold standard. Just this Sunday she wrote an article in The Wall Street Journal, “The Case for Monetary Regime Change,” that challenged the current system and defended the classical gold standard.
She has also defended Trump’s trade policies, arguing that those who embrace unfettered free trade dogma “disregard the fact that the ‘rules’ are not working for many American workers and companies.”
For those who wanted Moore to step aside next, the best advice may be “Be careful what you wish for.”
Offering some support to the theory that Moore's decision to publicly disagree with Trump sealed his fate, one White House reported tweeted that Moore has apparently been "Priebus'd" by Trump (Trump publicly announced his ouster before informing him in person). Moore had apparently been saying he 100% expected to be confirmed just 35 minutes ago.
Moore got Priebus-ed -- he told me 35 minutes ago he was fully expecting to be confirmed, WH told him yesterday it was "full speed ahead" https://t.co/CqhIDCBmEX— Joshua Green (@JoshuaGreen) May 2, 2019
We now fully expect Trump to nominate AOC to fill at one of the two vacant Fed board seats.