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White House Economic Adviser Gary Cohn Resigns; Market Awaits Details from Bank of Canada Meeting

Published March 7, 2018
  • Economic adviser Gary Cohn announced his resignation from the White House yesterday after reports of sharp disagreements with President Trump on proposed tariffs; Trump announced that his team “will be making a decision soon” on choosing a replacement for Cohn.
  • Conservative commentator, Larry Kudlow, and current director of the White House National Trade Council, Peter Navarro, are speculated to be top picks for Trump’s new top economic advisor; both individuals would greatly support ongoing protectionist measures and would be a boon for Trump’s economic nationalist leanings.
  • Global stocks immediately fell on the renewed news of White House chaos; Asian shares ended lower, European indices remain in negative territory and US index futures point to a lower open this morning.
  • The Bank of Canada is widely expected to keep interest rates at 1.25 percent today when Governor Stephen Poloz’s team releases their statement at 10:00 AM EST; investors will look for further insight from the Bank of Canada statement to measure the Bank’s reactions on possible US trade wars, Canadian consumer indebtedness and mixed Canadian economic data as of late.
  • Economic data on Canadian trade balance showed a declining trade deficit for the Canadian economy; Canadian quarter-on-quarter labour productivity showed an increase, with a reading of 0.2% versus growth expectations of 0.1%.