Stocks Say Things Are Not Going Great For President Trump

Trump May Face Staff Resignations After CEOs Exit

The White House, already reeling from dozens of CEOs abandoning President Trump's advisory committees earlier this week, was forced to issue a statement asserting that National Economic Council director Mr Cohn had no intention of resigning.

The White House official denied reports, saying, "Nothing has changed".

Cohn, who moved from Sachs Group Inc.to the White House as Trump's chief economic adviser, is mindful of the consequences his tenure in the trump administration could have on his reputation and profession.

Selling of the US currency continued into Tokyo trading, although the White House denied the rumor.

How long he will remain in the job was unclear as Cohn had recently been pegged as a leading candidate for the Federal Reserve chairman vacancy.

White House officials tried to quell the fear.

Prior to the attack, investors already were fretting over news Trump had dissolved two business councils amid an exodus of CEOs seeking to distance themselves from the U.S. president's heavily-criticised response to a white supremacy rally over the weekend.

The speculation came a day after Trump disbanded two business councils, with several chief executives quitting in protest over his remarks on white nationalists.

Cashin said Cohn's departure could catalyze a "mass exodus" that would hurt many investors' confidence in the Trump administration.

Gary Cohn, the administration's economics adviser, who is Jewish, was said to have been "disgusted" by the president's assertion that both sides were to blame.

People close to Cohn spoke on the condition of anonymity so as not to breach the president's rules about private conversations. Bannon said he thinks the U.S.is losing.

His Wall Street reputation made him an attractive candidate for Trump, despite his Democratic Party affiliation.

The dollar index .DXY , which tracks the greenback against a basket of six major peers, was flat at 93.633, surrendering early gains.

"The concern would be if Gary Cohn would decide that if he needs to take a safe step that a lot of CEOs did, it will be very hard to move forward with pro-growth tax reforms", said Art Hogan, chief market strategist at Wunderlich Securities in NY.

Treasury Secretary Steven Mnuchin is a former Goldman banker, and is working with Mr Cohn to try to shepherd through the President's tax cuts for corporations and individuals.

If Cohn were to leave the White House, "there will be a material market sell-off", Isaac Boltansky of Compass Point Research & Trading said in a research note to clients Thursday. "Gary is focused on his responsibilities as NEC [National Economic Council] director and any reports to the contrary are 100 percent false".

Related:

Comments


Other news