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The resignation of Gary Cohn as head of the National Economic Council is almost certain to trigger further jitters in stock markets, as investors fret over the loss of a moderating force from a US administration whose natural tendencies are anything but moderate.
Speculation that Cohn, a former president of Goldman Sachs, will be replaced by an adviser with more protectionist inclinations has only added fuel to the fire; ever since his appointment, Cohn has been seen as one of the tempering voices in Donald Trump’s inner circle.
While the prospect of the rise of trade ‘hawks’ and the return of protectionist policies is, in my view, a cause for some caution, the return of meaningful volatility to stock markets since earlier this year is something to be celebrated, not feared.
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