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Home / Business / Finance Minister Steven Mnuchin talks to bank managers to reassure investors

Finance Minister Steven Mnuchin talks to bank managers to reassure investors



"It's preventative," a person familiar with the matter told CNN. "It sends the right message to the market so that they can calculate the real picture for their opening on Monday, so you do not have to wait for something to calm down."

Wall Street ended a brutal week on Friday The worst month since the financial crisis of 2008, which represents a threat that threatened to stop the longest bull market.

In his talks with executives, Mnuchin sought to convey the strength of the US economy despite recent market turbulence.

"Market volatility does not change the strong fundamentals of the economy," said the person. "Systems stay normal."

It was the second weekend that Trump's Chief Financial Officer sent calming news about alleged plans to drop Powell.

The day before, Mnuchin had tweeted to whom he had spoken, the President who forwarded a message from Trump: "I never suggested dismissing Chairman Jay Powell, and I do not think I have the right. "

It is not clear if Trump has the authority to fire Powell for no reason. However, a decision by the President to dismiss his Fed chairman would likely aggravate the recent market fluctuations of recent months, and the West Wing's top economic advisers have warned Trump that such a move would only sting the market.

In recent months, Trump has continued to attack Powell, accusing the former investment banker of politically undermining it by raising interest rates and slowing the economy. Before the Fed's last meeting last week, the president warned the Fed not to "make another mistake" to raise interest rates.

Interest rates have risen seven times since Trump took office. Four of these increases were under Powell.

Asked about pressure from the White House, Powell told reporters Wednesday: "We'll do our jobs the way we've always done them," emphasizing the importance of the Fed's independence from political pressure. "Nothing will cause us to deviate from it."

Whipsaw Markets and a series of steep dives have provoked a pervasive fear in the White House, say senior officials on the strength of the US economy for two years. This has been a stable security even in the deepest political crises.

With Trump facing a new vulnerability ̵

1; most aspects of his life are being investigated, just as the Democrats are preparing to take control of the house – the economy no longer offers the same comfort of rising wages and the lowest unemployment rate for half a century, according to interviews with several White House officials and people who were near Trump,

in Ohio and Michigan – a business move that came deep in the heart of the MAGA country, where Trump the Voters Repulsed by Democrats with Repeated Promises to Return Lo First Manufacturing Jobs.

Kevin Liptak of CNN contributed to this report.


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