Trump tweeted that Stephen Moore was out just hours after the economist had said he was "all in".
Trump said on Twitter Thursday afternoon that Moore chose to withdraw, a move that came amid growing objections to his potential nomination among Senate Republicans.
"I've asked Steve to work with me toward future economic growth in our Country", Trump said in a second tweet. After several Republican senators revealed concerns about Moore's old comments about women's sports, however, Trump announced that Moore was dropping out of the process.
He also disagreed with Trump on the need for a one-percent cut to the prime interest rate, prompting some business observers to speculate he would be "fired" by Trump via tweet nearly an hour before it happened. "He's full speed ahead", Moore said about Trump, adding that he thought the president would nominate him in about three weeks. He defended his past writings, saying "they were meant to be jokes", but acknowledged that many of Republican lawmakers were not impressed.
"He was incredibly nice at times and when I told him about this and he understood".
Interviews in recent days by Reuters with more than a dozen friends and colleagues, as well as his sister, paint a picture of a strong-minded, ambitious but friendly person with an enduring belief in the power of tax cuts to fuel economic growth and seemingly bottomless energy to devote to promoting that belief.
The Fed's chairman, Jerome Powell, whom Moore wrote should have been fired after the December decision, "is learning on the job", Moore said Thursday. "I just don't see the case for that right now".
Moore faced scrutiny this week with the resurfacing of his comments in 2016, shortly after the election, when during a speech he mentioned a cartoon with a headline that Moore described as: "First thing Donald Trump does as president is kick a black family out of public housing".
Earlier today, Moore expressed disagreement with Trump's call for the Federal Reserve to cut interest rates. As recently as September 2015 he called for eliminating the USA central bank and removing then-Fed Chair Janet Yellen, who he said was keeping money too easy. In another in 2014, Moore said that if women were paid more than men, society could be destabilized. Moore told the network that the columns were a "spoof".
Moore was also found in contempt of court after he failed to pay his ex-wife some US$300,000 in alimony after their 2010 divorce, the Guardian reported, citing court records.
Moore has argued that the Fed should follow changes in the prices of commodities, such as oil or farm goods, and raise rates if those prices rose, to stem inflation.
As a Governor, he would've had a constant vote on monetary policy, and would've been one of 18 voices on the policy-setting Federal Open Market Committee.
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