Senate blocks Trump Fed pick Judy Shelton's confirmation

Yes, but: Sen. Mitch McConnell changed his vote to "no" — a strategy that could revive Shelton's nomination down the line.

Details: Shelton's last hurdles to confirmation looked like a lock late last week when Sen. Mitch McConnell invoked cloture on her nomination. That is until Sen. Chuck Grassley (R-Iowa) said Tuesday that he was exposed to the coronavirus, forcing him to quarantine and miss the vote. Sen. Rick Scott was also absent as he quarantines.

• On Monday, Sen. Lamar Alexander (R-Tenn.) came out against Shelton, but he was planning to be absent from the vote regardless.
• Sens. Mitt Romney and Susan Collins voted against Shelton. Democrats unanimously opposed the nomination.

The big picture: All but one member of the Fed's seven-member board has been nominated by Trump.

• Shelton is another setback for the president who's failed to fill the remaining two open slots on the Fed thanks to a string of unsuccessful candidates who have been unable to move forward — including the late Herman Cain and Stephen Moore.

What to watch: Still no word on a full Senate vote on Christopher Waller, director of research at the St. Louis Fed and the far less controversial candidate nominated by Trump.