Yellen lunches with Cohn at White House amid Fed chair rumors

Yellen lunches with Cohn at White House amid Fed chair rumors
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Federal Reserve Board Chairwoman Janet YellenJanet Louise YellenPowell told Congress Fed is preparing for economic 'damage' from climate change Senate needs to stand up to Trump's Nixonian view of the Fed The Hill's 12:30 Report: Washington braces for Mueller report MORE on Friday made her second trip in as many days to the White House as President Trump mulls who — if anyone — should replace her in 2018.

Yellen visited the White House on Friday to have lunch with National Economic Council Director Gary CohnGary David CohnTrump officials slow-walk president's order to cut off Central American aid: report John Kelly had to break up argument between US trade officials: report The Hill's Morning Report — Dem ire at Barr intensifies MORE, according to a White House spokesperson.

The White House said Yellen and Cohn lunch together “semi-regularly,” and that Friday’s meeting was “nothing out of the ordinary,” despite rumors Trump is considering Cohn to replace Yellen as head of the Fed.



Yellen and Cohn have had a standing meeting over breakfast or lunch each month, according to Yellen's public calendars from February through August. Each time, they ate in the White House Mess, a cafeteria in the White House.

The Fed chair also had lunch in the White House's Oval Room with Steven Braun in July, the calendars say. He has served as the director of macroeconomic forecasting at the Council of Economic Advisors since 1996. The following month, Yellen dined with Trump's daughter and economic adviser, Ivanka Trump.

Yellen met with Trump on Thursday to discuss her tenure leading the Fed, which started in 2014. Yellen’s term as chairwoman ends in February and Trump is expected to announce within weeks whether he’ll try to retain Yellen or nominate a replacement.

Presidents have traditionally renominated the Fed chairman they inherit when taking office, regardless of party affiliation. While Trump routinely criticized Yellen’s insistence on slow interest rate increases under President Obama, he’s since praised her moderate monetary policy.

Trump is also reportedly considering Cohn, current Fed Governor Jerome Powell, former Fed Governor Kevin Warsh and Stanford University economist John Taylor to replace Yellen.

Cohn’s views on monetary policy are less defined than his rivals, but he benefits from a constant presence beside Trump. Powell, a Republican, would likely continue much of the Fed’s current policy, while Warsh and Taylor would likely pursue more aggressive rate hikes.

Updated at 1:39 p.m.