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Mnuchin calls large US banks after the stock market plummeted



  US Secretary of the Treasury Steven Mnuchin, December 03, 2018

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US Treasury Secretary Steven Mnuchin said in his talks that his talks had "sufficient liquidity."

US Treasury Secretary Steven Mnuchin has called on the heads of the country's top six banks to reassure investors after US stocks fell sharply.

Last week, US equities had one of the worst weekly losses decade after a rate hike, and US-China trade tensions unsettled markets.

Mr. Mnuchin said the banks had confirmed that they had "sufficient liquidity" for operations.

It also comes against the background that the government has partially closed its spending plans.

"The [bank̵

7;s chief executives] confirmed that they have sufficient liquidity to lend to consumers, to business markets, and to all other market operations," the Treasury said in a statement attached by Mr. Mnuchin.

"[Mr Mnuchin] also confirmed that there were no issues with the release or margin and that the markets continue to function properly," said the Minister of Finance.

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Sarah Porter

All three US indices closed lower last week. The technology-focused Nasdaq has dropped 20% since its high and was in the so-called bear market.

US investors are concerned about a number of factors, including slowing economic growth domestically and internationally.

In addition, at midnight on Friday, a partial shutdown of the US government began after opposition Democrats resisted President Donald Trump's demand for $ 5 billion for his Mexican border wall.

  • US Shutdown May Extend into the New Year
  • US Stocks Suffer the Worst Week of a Decade

The closure of household spending could continue until the opening of the next Congress on January 3rd.

Mr. Mnuchin will meet on Monday with the working group of the President Ministry of Finance said.

The group includes market regulators and governors of the Federal Reserve. They discuss "Coordination efforts to ensure normal market operations," the statement said.


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