If President Donald Trump reappoints current Federal Reserve chair Janet Yellen to a new term in February 2018, no one will be able to say truthfully that he didn’t know exactly what kind of chair he would be getting. Not after her speech today at the Kansas City Fed’s gathering of central bankers in Jackson Hole, Wyoming.
Yesterday, a rumor that Gary Cohn, the administration’s chief economist, would be leaving the White House contributed to the nerves that pushed the Standard & Poor’s 500 lower by 1.54%. (The rumor has been denied by Cohn’s office.) Today a story in the New York Times that President Donald Trump has decided to remove Stephen Bannon, chief White House strategist and the administration’s most important link to the alt-right, has contributed to a modest bounce in U.S. stocks. As of 1 p.m. New York time the S&P 500 ws ahead 0.27%.
