Steven Mnuchin calls top bank CEOs after market meltdown

Steven Mnuchin calls top bank CEOs after market meltdown




Treasury Secretary Steven Mnuchin phoned the heads of the biggest US banks on Sunday to verify they’d sufficient money in expectation of a jittery market opening on Wall Avenue.

Mnuchin, who was reportedly vacationing in Cabo, launched a press release that stated the CEOs of six massive banks confirmed they’d sufficient liquidity for lending and market actions.

The calls — to banks reminiscent of Goldman Sachs, JP Morgan, and Wells Fargo — got here hours earlier than the markets had been set to open on Monday, after struggling the worst week in a decade.

CNN reported that Mnuchin was visiting his kids in Cabo San Lucas, Mexico, and wished to arrange for Monday’s opening.

The Treasury Division added that Mnuchin would convene a working group on monetary markets on Monday.

“We proceed to see robust financial progress within the US economic system with strong exercise from customers and enterprise,” Mnuchin stated in a press release.

The Dow Jones fell 6.9 % final week, elevating considerations a few bear market after buyers reaped years of market positive factors.




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