Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Herman Cain. Photo: Justin Sullivan/Getty Images

President Trump confirmed on Thursday that he wants Herman Cain on the Federal Reserve board, pending a vetting process. Earlier in the day, Axios reported that he was waiting on vetting before announcing a formal nomination.

Why it matters: It's likely confirmation that Trump is ready to move ahead with the former presidential candidate, whose possible nomination was reported by Bloomberg in January. "He won't formally announce until the vet is completed. ... But he likes Cain and wants to put him on there," a senior official who has discussed the matter with the president told Axios before Trump's public comments.

Between the lines: As with any Trump "decision," administration officials are quick to attach an asterisk. This time, their hesitation is less about Trump changing his mind than about something coming up in Cain's background check that could complicate the situation.

  • The administration did not conduct a thorough vetting of Trump's most recent Fed pick, Stephen Moore, and they've had to weather stories about back taxes owed by Moore and that he had failed to pay alimony to his ex-wife. Moore told the New York Times earlier this week that "it's full speed ahead" and said that the White House was "100%" behind him.

The backstory: Cain served in multiple positions within the Fed system at the Kansas City Federal Reserve between 1989 and 1996. He served as CEO of Godfather's Pizza and ran for the 2012 GOP president nomination, but dropped out after sexual harassment allegations sank his candidacy.

President Trump regards his selection of Federal Reserve chair Jerome Powell as one of the greatest mistakes of his administration. He has told aides that Powell has no "feel" for the markets and compares him to a golfer who cannot putt.

Trump tells aides that Powell is the biggest threat to the economy due to his 2018 decisions to raise interest rates, and even as Powell halted the rate rises he failed to win back Trump's affection. Trump considers Powell to be "weak" and blames Treasury Secretary Steven Mnuchin for encouraging him to pick him, according to sources who've discussed the matter with the president.

Trump considered replacing Powell with Kevin Warsh for a brief moment last year, as Axios reported earlier this week.

Editor's note: This story has been updated to correct Cain's years of service with the Federal Reserve Bank of Kansas City. He served in various positions between 1989 and 1996, not just 1992 through 1996. This story has also been updated to add Trump's comments confirming he wants to nominate Cain.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
8 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.