Stephen Moore Withdraws From Fed Nomination Two Hours After Disagreeing With Trump On Rate Cut

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)...

...President Trump has just confirmed that Moore has withdrawn his nomination:

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.

We now fully expect Trump to nominate AOC to fill at one of the two vacant Fed board seats.