Steven Mnuchin calls top bank CEOs after market meltdown

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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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