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Gary Cohn will reportedly lead search for next Fed chief

  • Though President Donald Trump's relationship with the Fed has been friendly to date, that doesn't mean Chairwoman Janet Yellen is likely to stay on, The Wall Street Journal reports.
  • Former Goldman Sachs President Gary Cohn has denied claims about him taking over Yellen's post, telling CNBC earlier this month: "No, I have a great job right now."

The White House is preparing to launch a search for the next Federal Reserve chief and those efforts will reportedly be spearheaded by former Wall Street executive Gary Cohn, a senior official told The Wall Street Journal.

Some market strategists believe Cohn could be his own candidate for the position, the publication speculated Wednesday.

But the former Goldman Sachs president has denied those claims, telling CNBC earlier this month when asked if he would take on the role of Fed chief: "No, I have a great job right now. Serving the president has been a dream come true. I come into work each day and I'm very excited to be in the White House."

Still, many things are up in the air.

Fed Chairwoman Janet Yellen's term will expire at the end of January, and President Donald Trump hasn't yet ruled out reappointing her to the post, according to the Journal's April interview with the president.

Cohn became Trump's top economic adviser after spending more than two decades at Goldman Sachs and now serves as a key intermediary in the administration's relationship with the central bank.

Cohn has emphasized to White House colleagues the importance to markets of not publicly "second-guessing monetary-policy decisions," based on a rule established during President Bill Clinton's administration, the Journal wrote.

He is said to take pride in convincing Trump of the economic benefits of respecting the Fed's independence, according to people who have discussed the issue with him.

Representatives for Cohn and the White House didn't immediately respond to requests for comment on the search for the next Fed chief.

Read the full report from The Wall Street Journal.