Cohn to Remain in White House Economic Post, Official Says

Art Cashin

And the White House Thursday said Trump also has abandoned plans to form an advisory council on infrastructure.

After Trump blamed counter-protesters as much as the white nationalists for clashes that left one woman dead, an exodus of business executives from his advisory councils on Wednesday fueled speculation other officials, such as Cohn, would leave.

The dollar slipped back below 73 U.S. cents as investors' appetite for riskier assets waned as rumours circulate that the USA national economic council chief Gary Cohn might resign and as Spain became the latest target of a terror attack.

Trump said on Tuesday the anti-racist demonstrators were as responsible for the violence as the neo-Nazis and white supremacists who instigated the protests.

Jonathan Swan at Axios, however, said soon after that the tweet was false and a White House official told reporters that Cohn is still in place.

Trump waded back into the racial controversy Thursday morning with a series of tweets criticizing those who would remove statues of Confederacy heroes.

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One liberal counter-protester was killed and at least 19 others were injured when an OH man rammed them with a vehicle.

"No disrespect to Mr. Cohn, but what's really affecting the market is not the fear that only he would leave", Cashin, UBS director of floor operations at the New York Stock Exchange, said Thursday on "Closing Bell". It's now down about 0.6%, hovering near intraday lows.

U.S. equity losses deepened on news that a driver deliberately slammed a van into crowds on Barcelona's most popular street in what police said was a "terror attack". The local currency was little changed at 56.61 British pence from 56.78 pence.

Trump's remarks and the resulting political damage represent a "macro threat" to financial-sector stocks, risking big issues like the tax overhaul and making it more hard to attract business executives to Trump's government, said Jaret Seiberg, a senior policy analyst at Cowen & Co. LLC.

Before joining the Trump administration, Cohn was the No. 2 executive Goldman. The White House indicated that slots were still being filled on the 15-member council, which was to include experts on real estate, finance, construction, transportation and other areas.

Cohn's departure would remove the "safety net" that markets see and would increase the chances that more populist officials gain greater power. A Cohn resignation could be a hit to Trump's plans to revamp the tax code. "His departure would surely dampen Wall Street's already dwindling confidence in Washington's capacity to govern".

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