The Search is On for a New Fed Chief

The Search is On for a New Fed Chief

The Search is On for a New Fed Chief

$DIA, $SPY, $QQQ, $VXX

President Trump’s top economic advisor, Gary Cohn to lead the search for the next Fed chief.

President Donald Trump’s relationship with the Fed has been friendly to date, that does not mean Chairwoman Janet Yellen is likely to stay on.

Some market strategists believe US National Economic Council Director Cohn could be a candidate for the post.

“Officials won’t publicly outline any timetable for their decision or shortlist of candidates. Fed Chairwoman Janet Yellen’s term runs through January, and President Donald Trump didn’t rule out her reappointment in an April interview,” according to a report today.

“Ms. Yellen’s reappointment isn’t an outcome many observers expect because of Mr. Trump’s fierce criticism of her during the final weeks of last year’s presidential campaign. But his willingness to consider her speaks to the amicable relationship they have forged since Mr. Trump took office, observers say,” the report explained.

President Trump has been silent about the Fed and Ms. Yellen since taking the Oval Office.

“An alternative to Ms. Yellen could be Mr. Cohn, who became Mr. Trump’s top economic adviser after a 26-year career at Goldman Sachs Group Inc. Mr. Cohn has emerged as a Key intermediary in the administration’s relationship with the central bank,” the report said.

For his part, Mr. Cohn said the White House had not decided on whether to keep or replace Fed Chairwoman Janet Yellen when her term expires in February, while signaling he didn’t want the job.

“We’re not at a time when we’re going to be even thinking about that,” President Donald Trump’s top economic adviser recently said in a TV interview.

Asked if he would want the position, Mr. Cohn said “I have a great job running the NEC right now” and added that he was “very happy,” he said, “No, I have a great job right now serving the president. It’s been a dream come true. I come into work every day and I’m very excited to be in the White House.”

Wednesday, the FOMC voted to raise interest rates for the 2nd time this year, as expected.

Wednesday, the US major stock market indexes finished at: DJIA +46.09 at 21374.56, NAS Comp -25.48 at 6194.86, S&P 500 -2.43 at 2437.92

Volume: Trade on the NYSE came in lite at 882-M/shares exchanged.

  • NAS Comp +15.1% YTD
  • S&P 500 +8.9% YTD
  • DJIA +8.2% YTD
  • Russell 2000 +4.5% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.43) Bullish (0.35) Bullish (0.42) Very Bullish (0.51)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.41) Neutral (0.20) Bullish (0.44) Very Bullish (0.58)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Neutral (0.22) Neutral (0.11) Neutral (-0.02) Very Bullish (0.58)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.35) Bearish (-0.45) Bearish (-0.31) Bearish (-0.29)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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