On November 16, 2024, it was reported that Larry Kudlow, the Fox Business host and former National Economic Adviser, has withdrawn from consideration for key economic roles in Donald Trump's administration, specifically the U.S. Treasury and the National Economic Council. Kudlow previously served as the National Economic Adviser during Trump's last term and was seen as a potential candidate for a return to a prominent economic position [8989f027].
This decision comes in the wake of Kudlow's recent critiques regarding the stock market's performance and Federal Reserve policies, which he described as politically motivated maneuvers ahead of the 2024 elections. On September 19, Kudlow expressed his discontent over the stock market reaching record highs, attributing this surge to Powell's decision to cut interest rates by 50 basis points, which he labeled an 'election gift' to Vice President Kamala Harris [5e640d6b].
The market reaction to the Fed's decision was significant, with the Dow Jones Industrial Average climbing by 522 points, the S&P 500 increasing by 95 points, and the Nasdaq rising by 440 points, marking the best trading day since August 5 [5e640d6b]. Kudlow criticized Powell for his actions, arguing that Trump's presidency saw a more substantial increase in median income compared to Biden's administration, with a reported $6,000 increase under Trump versus just $1,050 under Biden-Harris [5e640d6b].
As the 2024 election approaches, Kudlow's withdrawal from cabinet consideration and his critical stance on economic policies highlight the complex interplay of politics and economics, with both sides leveraging these narratives to bolster their positions [51f72ccb][17bcebb3][07b3b86d].