Economy

DALIO: 'It would be terrible' if Gary Cohn leaves the Trump administration

DALIO: 'It would be terrible' if Gary Cohn leaves the Trump administration”

"It would be bad for the market", Dalio said at the CNBC Institutional Investor Delivering Alpha Conference about Cohn, who now serves as chairman of the National Economic Council.

Dalio said the United States is still in a 2.5% or 3% growth type of economic environment, not the loftier goals set by the Trump administration at its start. "It would undermine the future progress of economic reforms and it would also represent a challenge" for the administration in drawing talented people to top posts.

Cohn, who left his position as president at Goldman Sachs to join the Trump administration, recently considered leaving but then chose to stick with the president, people familiar with his thinking have said.

Dalio described Cohn as someone who is open-minded, with an "ability to draw on the best thinking". In August following the Charlottesville rally, the money manager said he was "tactically reducing" risk at Bridgewater amid concerns about internal and external conflict leading to "impaired government efficiency".

The world's largest hedge fund is preparing to launch a large investment fund within China.

There's a lot of tension in the bottom 60% of the economy, Dalio said. "And he's open minded", Dalio, said at an investor conference Tuesday, adding that a Cohn exit might make it hard for the Trump administration to attract "quality" staffers in the future.



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