Cohn to Remain in White House

Trump implored to fire 3 White House staffers

Trump implored to fire 3 White House staffers

Ivanka Trump and her husband, Jared Kushner, both White House advisers, reportedly urged the president to take a tougher line on white supremacy, but both were out of town, on vacation in Vermont, at the time of the presser.

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.

The Dow Jones Industrial Average fell 274.14 points, or 1.24 percent, to 21,750.73, the S&P 500 lost 38.1 points, or 1.54 percent, to 2,430.01 and the Nasdaq Composite dropped 123.20 points, or 1.94 percent, to 6,221.91. "Bottom line - not good".

"Were that to eventuate, it would be seen as driving an even bigger nail into the coffin of hope for tax reform."

A crisis deepened over Trump's response to violence on Saturday in the Virginia college town of Charlottesville, spurred by a white nationalist protest against the removal of a Confederate statue.

In other remarks from prominent Fed officials, speaking on the same day, Mineapolis Fed chief Neel Kashkari said than when deciding when to start unwinding its bond portfolio, the USA central bank would take into consideration the state of negotiatios on raising the federal government's debt ceiling.

A former senior Trump administration official raised the prospect that some White House officials could quit because of Trump's comments.

Meanwhile, some of Cohn's internal rivalries show signs of worsening.

Bannon had advocated for imposing additional tariffs on China and other trade partners to reduce deficits with those countries.

Some aides also said they can stick it out because they don't think Trump is a bigot and have concluded that he was lashing out at unfair media treatment and runaway political correctness, rather than sympathizing with white supremacists.

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Cohn, who rose through Goldman Sachs from the trading floor to become its second-in-command, is known for a brash combative style that has earned him friends and enemies.

Mr Cohn has been a voice of reason inside the White House, urging President Trump to avoid a trade war with China and arguing, unsuccessfully, against the USA quitting the Paris climate change accord.

Still, some friends eye Cohn's presence in the White House warily. His departure, shortly before the administration is likely to start making a hard push on tax reform, would nearly certainly be a setback to those efforts.

So one minute, Cohn intends to stay on as director of the NEC.

"Gary brings experience in how financial markets work and fail, through good times and stressful times", said Erik Gordon, a law professor at the University of MI in Ann Arbor.

The Cohn quotes come via a tweet from Glenn Thrush, the New York Times' White House correspondent.

"Anything can be an excuse": Wall Street dived overnight.

Some analysts suggest a Bannon exit could be positive for the markets because it would make it less likely that Cohn would leave. "Our sense from client conversations is that his departure would surely dampen Wall Street's already dwindling confidence in Washington's capacity to govern".

"I don't want to be an alarmist, but there is a lot of faith that he is going to help carry through the tax reform that people are looking for", Sonnenfeld said on "Squawk Box ".

But you won't get the White House to admit it. "There's Treasury and [National Economic Council chair] Gary Cohn and Goldman Sachs lobbying".

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