Treasury Secretary Mnuchin Spent His Weekend Calling Top Bank Execs Post Shutdown

US stocks dive after brutal holiday-shortened session

Treasury Secretary Mnuchin Spent His Weekend Calling Top Bank Execs Post Shutdown

"The only problem our economy has is the Fed", Trump tweeted.

"They don't have a feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders".

He added: "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

All three major European markets will reopen Thursday. The Nasdaq - also in a bear market - dropped 2.2 percent Monday, down 19.8 percent from its highest point on October 3.

The S&P 500 fell 2.7% and the Nasdaq was off 2.2%. All 11 sectors of the S&P were down.

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Trading volume was light during a shortened trading session ahead of the Christmas holiday Tuesday.

Mnuchin shook financial analysts, bankers and economists on Sunday by issuing an unusual statement declaring that the nation's six largest banks had ample credit to extend to American businesses and households.

Presumably, Mnuchin's statement came in the context of the US government shutdown amid deadlocked budget negotiations. "The banks are as solvent as they have ever been". From the 2009 low to the September 2018 highs, U.S. stocks have gained more than 280%.

The Treasury said Mnuchin will on Monday meet with the president's Working Group on Financial Markets, which includes Washington's main USA financial system officials, and is sometimes referred to as the "Plunge Protection Team". That group, which includes officials in the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission, met to ensure the financial system had adequate liquidity to handle all the selling. Investors' worries were exacerbated last week when the Federal Reserve signaled no slowdown in its plans to continue raising interest rates next year.

"It's not only the stock market", Yardeni said. "Markets still under pressure from last week's more hawkish Fed update, exacerbating fears about slowing growth and more expensive refinancing following years of stimulus", said Michael van Dulken, head of research at Accendo Markets, in a note. Markets plunged after the Trump administration sent out confusing signals about markets and the economy. But the president has obsessively monitored recent gyrations and aides say he has grown furious about the declines of the past week and fearful of a recession. White house advisors including Mnuchin reportedly convinced President Donald Trump that he lacks the authority to fire Federal Reserve Chairman Jerome Powell.

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In a November 27 interview with The Washington Post, Trump said: "I'm not happy with the Fed".

"The statement came hours before Asian markets were set to open and after a sharp sell-off that made last week the worst for US markets in a decade", the Post's Damian Paletta and Josh Dawsey report.

But the circumstances are dramatically different now that the US economy has been growing steadily since 2009.

The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.

Mnuchin 'also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly, ' the Treasury said.

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