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.