The gathering consensus from Wall Street to Washington has held that the position, for which Cohn is directing the search, in fact belongs to him if he wants it. But given Trump’s record so far, predicting a personnel decision months in advance is about as fruitful as trying to forecast the weather over the White House that day.

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It’s clear that patronage ranks among Trump’s favorite presidential powers — less because he enjoys making final decisions about hiring and firing (he doesn’t), more because he likes wielding his right to do so as a reminder of his total control in this one category at least. On Tuesday, for example, the president’s musing about his Fed pick briefly interrupted another storyline dominating news from the White House. At a time when he can little afford the distraction, Trump continues heaping humiliation on Attorney General Jeff Sessions, stoking speculation that he hopes to force the resignation of one of his first and most important big-name supporters.

Here was Trump, in an early-morning tweet yesterday:

Asked later if he intends to fire Sessions, Trump said, “I told you before I’m very disappointed with the attorney general, but we will see what happens. Time will tell.” Why does the president keep toying with Sessions? As the New York Times’ Maggie Haberman summarized, “Because he can.”



Cohn fans take note: There but for the whim of Trump goes Gary. And if Sessions ends up in the ash heap of the president’s discarded early stalwarts, he’ll at least have plenty of company. Last summer, Trump wanted to choose Chris Christie as his running mate, but he ultimately acceded to pressure from advisers to pick then-Indiana Gov. Mike Pence instead. After offering Pence the job, Trump felt so unsure about it, he tried backing out.

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From CNN's Dana Bash:

Christie ended up running the transition team, a perch that should have afforded him a plum consolation assignment in the administration. Rather, he was summarily dismissed less than a week after Trump’s November victory:



Likewise, Rudy Giuliani and Newt Gingrich found themselves on the outside looking in once Trump assembled his operation, despite serving as fierce loyalists over the course of the campaign. (Axios reported Monday that Trump was eyeing Giuliani to replace Sessions, which Giuliani subsequently batted down.)

And those who’ve landed choice West Wing jobs haven’t escaped the sense they’re standing on trapdoors. Chief strategist Stephen K. Bannon and chief of staff Reince Priebus have both seen Trump’s support wane dangerously. Last week, with the hiring of Anthony Scaramucci as communications director, Sean Spicer decided to stop abiding a long series of indignities by resigning. (Here's a rundown of all the people Trump has fired or threatened to fire — and another of those he's considering firing next.)

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Cohn could be the exception. Under his stewardship, the National Economic Council has been an island of steady professionalism in an otherwise chaotic White House. And the former Goldman Sachs president appears to have found the right operating temperature, neither too hot nor too cold, to remain in the president’s good graces. But that also assumes he’s the author of his own destiny. A trail of formerly favored Trump confidantes would tell him differently.

MARKET MOVERS

— In the same Tuesday interview, Trump talked up his intent to slash corporate tax rates while providing middle-class tax relief, possibly by raising taxes on the wealthy. The Wall Street Journal's Gerard Baker, Peter Nicholas and Michael Bender report: "Turning to taxes, Mr. Trump echoed some of the populist themes from his presidential campaign. He described twin imperatives in overhauling the tax structure: boosting economic growth and easing the tax burden on middle-class families. 'I have wealthy friends that say to me, "I don’t mind paying more tax," the president said."

— Meanwhile, tax negotiators on Capitol Hill will release a set of shared principles by the end of the week to demonstrate some progress on the issue before House members head home for the August recess.

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POCKET CHANGE

MONEY ON THE HILL

— Senate Republicans overcame deep divisions Tuesday — and welcomed the dramatic return of a cancer-stricken Sen. John McCain (R-Ariz.) — to begin debate over an Obamacare replacement package. Simply agreeing to take up the issue may be their high-water mark, since it's not clear Republicans in the chamber can pass anything. The Post's Sean Sullivan, Juliet Eilperin and Kelsey Snell: "On Tuesday night, just hours after opening debate, Senate Republican leaders were unable to pass a bill that they had spent weeks crafting but that never gained sufficient traction with the rank and file. Fifty-seven senators — including nine Republicans — opposed the updated version of the measure known as the Better Care Reconciliation Act (BCRA), while 43 supported it, portending a difficult road ahead for the GOP rollback effort. The earlier vote to start debate marked a momentary political victory for Senate Majority Leader Mitch McConnell (R-Ky.) and President Trump."

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— The House voted mostly along party lines Tuesday to cancel a new rule from the Consumer Financial Protection Bureau that would make it easier for consumers to sue their banks. The real battle over the measure awaits in the Senate. The AP's Kevin Freking reports: "The Consumer Financial Protection Bureau finalized the rule just two weeks ago. It bans most type of mandatory arbitration clauses, which are often found in the fine print of contracts governing the terms of millions of credit card and checking accounts. Republican lawmakers, cheered on by the banking sector and other leading business groups, wasted no time seeking to undo the rule before it goes into effect next year. They’ll succeed if they can get a simple majority of both chambers of Congress to approve the legislation and President Donald Trump to sign it."

— House Republicans are taking aim at the Congressional Budget Office, seeking to slash its funding and eliminate its budget analysis division. The Hill's Christina Marcos reports: "The two measures will likely be considered on Wednesday as amendments to a government spending package on the House floor this week. Republicans in Congress and the Trump administration have been critical of the nonpartisan budget scorekeeper amid its repeated estimates that their efforts to repeal and replace the health care law would result in tens of millions more people without insurance."

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TRUMP TRACKER

— Congressional Republicans just jammed the president on his affinity for Russia, with the House overwhelmingly approving a sanctions package that now heads to his desk for a potential veto. The Post's Mike DeBonis and Karoun Demirjian: "Included in the package, which passed 419 to 3, are new measures targeting key Russian officials in retaliation for that country’s alleged interference in the 2016 presidential election, as well as sanctions against Iran and North Korea in response to those nations’ weapons programs. Members of the Trump administration, including Secretary of State Rex Tillerson, have resisted the congressional push — in particular a provision attached to the Russian measures that would require Congress to sign off on any move to relieve those sanctions. The legislation was revised last week to address some administration concerns, including its potential effect on overseas oil and gas projects that include Russian partners. But the bill passed Tuesday retains the congressional review requirement."

CONTEXT: Sanctions work. The Russian economy is still reeling from punitive measures imposed by the U.S. and European Union in response to its invasion of Crimea.

— Trump is once again punting a long-awaited decision on whether to restrict steel imports. The president told the Wall Street Journal that he may wait until after he's wrapped up debates on health-care, taxes and even possibly infrastructure before making a call on the matter, which has divided industry groups. The Post's Ana Swanson: "Administration officials had said they would deliver a report by the end of June determining whether steel imports have compromised U.S. national security by crippling the domestic steel industry. But political and practical obstacles have delayed the decision. Foreign allies that export steel to the United States and U.S. companies that would see their costs rise because of the measure have opposed the plan, as well as some administration officials who fear triggering a trade war."

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— Trump promised major progress on the rest of his agenda at a Tuesday night rally in Youngstown Ohio. The Post's John Wagner and Jenna Johnson: "Trump praised the Senate for taking a procedural vote earlier in the day that he said would help deliver 'great health care for the American people.' He said he was working hard on 'the single biggest tax cut in American history,' and he reiterated plans to spur $1 trillion in new spending on the country’s roads, bridges and other ailing infrastructure, making no mention that bills have yet to be introduced on either count. And here in the heart of the industrial Midwest, Trump promised to refill lost manufacturing jobs in factories or to 'rip ’em down and build brand-new ones.' 'That’s what’s going to happen,” Trump said at a campaign rally in a packed hockey arena that holds 7,000 people. He didn't offer many details, but he did say he wants to cut the corporate rate to 15 percent, which is well below what his chief tax negotiators now believe is possible."

Some highlights from that speech:

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DAYBOOK

Today

Steven Mnuchin and IRS Commissioner John Koskinen and the Treasury Inspector General for Tax Administration J. Russell George. The Senate Appropriations Subcommittee on Financial Services and General Government will hold a hearing on the Treasury budget request with Treasury Secretaryand IRS Commissionerand the Treasury Inspector General for Tax Administration

The Center for American Progress hosts an event on “How Trump’s Deregulatory Agenda Hurts People’s Everyday Lives.”

Jay Clayton. The Center for Capital Markets Competitiveness hosts a discussion with SEC chairman

The House Agriculture Committee holds a hearing on renegotiating NAFTA.

The Center for Strategic and International Studies will hold an event on renegotiating NAFTA.

President Trump is scheduled to participate in a jobs announcement this afternoon.

Coming Up

Thursday . The Senate Appropriations Committee will hold a markup hearing on legislative branch appropriation bills on

Mnuchin on Thursday. The House Financial Services Committee will hold a hearing on the state of the International Financial System withon

THE FUNNIES

BULL SESSION

President Trump made 29 false, misleading, or flip-flop claims in 26 hours and across two rallies:

President Trump says "we'll see what happens" with Sessions:

Trump's repeated attacks on Sessions raise questions about Russia probe:

The Scout Law vs. President Trump: