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4/16, 6:00 PM (Source: TeleTrader)
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Kudlow: Cain still has Trump's support for Fed seat

Director of the United States National Economic Council, Larry Kudlow, stated on Tuesday that Herman Cain still has the support of US President Donald Trump for a seat on the Federal Reserve's Board of Governors. However, Kudlow added that it is up to Cain to decide if he wants to stay in the nomination process.

Last week, North Dakota's Kevin Cramer became the fourth GOP senator to voice his opposition to Cain's nomination, effectively killing the former pizza company CEO's chances of approval given that the Republicans hold 53 seats in the chamber. Previously, House Speaker Nancy Pelosi described Trump's two Fed picks, Stephen Moore and Herman Cain are "the worst, ill-suited appointments that the president could come up with." Meanwhile, it was reported that Cain is expected to withdraw his name from consideration in the coming days due to the increasingly unlikely prospect of his Senate confirmation.

Turning to the ongoing trade talks with China, Kudlow said that the two sides continue to make very good progress, and added that the negotiations are set to resume later this week.

Breaking the News / FH