The Fierce Fight to Head Treasury
Author: Greg Valliere
November 19, 2024
NONE OF THE CANDIDATES apparently have pleased Donald Trump, who reportedly is tiring of the in-fighting between Elon Musk and other candidates, The fall-back is Kevin Warsh, a moderate who has served on the Fed’s board of governors. Warsh would easily win confirmation.
A POSSIBLE COMPROMISE could be Apollo Global Management Chief Executive Marc Rowan. An earlier candidate, businessman Howard Lutnick, has been aggressively seeking the job — a cardinal sin in Washington, where such lobbying is considered poor form.
THE INFIGHTING MAY have claimed a major victim — there were reports over the past weekend that Musk “is wearing out his welcome” at Mar-a-Lago, with his relentless advocacy of several Cabinet candidates.
IN LIGHT OF HIS CLOSE TIES WITH LUTNICK, the Musk bromance with Trump may not last until the Jan. 20 inauguration.
SOURCES REPORT THAT Trump is irritated to be spending so much time on Treasury when there are other front-burner issues, such as the mass deportation in the spring that is very much on schedule — despite fears that it would produce a labor shortage and a revival of inflation.
WE THINK PICKING WARSH would make the most sense because the markets would welcome his nomination.
THE NOMINATION OF GAETZ, meanwhile, is on very thin ice, and there’s a growing sense that Gabbard faces a withering confirmation hearing; she will have to defend her extensive relations with U.S. adversaries.
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