Markets

Wall Street banks reassure US Treasury amid big market falls

Wall Street banks reassure US Treasury amid big market falls

U.S. President Donald Trump is "very happy" with his Treasury secretary, Steven Mnuchin, a top White House economic adviser said on Wednesday, as he defended the Treasury for a recent call to top bankers to discuss markets.

Over the weekend, Mnuchin sought to reassure financial markets that Powell's job is safe after the report Friday that Trump had consulted advisers many times in the previous few days about firing Powell. "100 per cent yes".

The source told CNN that Mnuchin could be in "serious jeopardy" with Trump, who regularly rages at Cabinet members he feels have made mistakes, before he cools off. "That's correct", reports Efe.

"They're raising interest rates too fast", he said in the Oval Office after a Christmas Day phone call with United States troops.

Trump on Monday renewed his criticism of the Fed, however, tweeting that the central bank was the "only problem" for the US economy.

In recent months, Wall Street has shown signs of weakness and the Dow Jones Industrial Average, which is the overall market's main benchmark, has fallen by 12 per cent since October.

His comments came after Asian markets suffered a holiday rout, with Tokyo suffering its worst finish since April 2017 after a brutal run on Wall Street that saw United States stocks sink for a fourth straight session.

'Israel emboldened by United States support to attack Syria'
The Syrian military didn't fully engage its air defense assets to avoid accidentally hitting the passenger jets, Konashenkov said. He said strategic Iranian munitions were also targeted, including advanced Global Positioning System components for weaponry.

Mr Trump's comments came after Asian markets suffered a holiday rout on fears about the USA economy and an ongoing government shutdown in Washington that began last Saturday.

According to news reports, in recent weeks, the U.S. shares have fallen down sharply over the concerns on slowing economic growth including the S&P 500 index on a track for its huge percentage decline since the great depression in December.

Earlier this month, the Fed followed through on expectations that it would increase interest rates by 0.25 to a range of 2.25 percent 2.5 percent - the highest level in a decade.

"But what's bad is this made the papers, and says the government is very anxious", Krosby told the paper, adding that with investors focused on so many issues, "it's nearly as if gravity is pulling this market toward a lower level before it bottoms out". We are absolutely committed to that mission and nothing will deter us from doing what we think is the right thing to do. He tweeted that he had spoken with the heads of the nation's six largest banks and was assured that they had sufficient lending capacity.

But on Monday, the President tweeted that the "only problem our economy has is the Fed," after which the market took a sharp drop. With the United States now showing signs of sluggishness, investors fear they could be spillover effects on the broader global economy.

In addition, Mnuchin said he will host a call Monday with the President's Working Group on Financial Markets, known unofficially as the "Plunge Protection Team". Phone calls Mnuchins with the heads of some of the largest American banks seem to have investors, however, rather more anxious.


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