US Treasury Secretary give call to the six major bank for cheering up the market
Dec 24, 2018| On the morning of the 24th, U.S. Treasury Secretary Nuchin made a phone call with the heads of the six largest banks in the United States on Sunday to boost confidence in the US financial system in the recent market turmoil.
A statement from the US Treasury said: "These banks have confirmed that there is sufficient liquidity available to lend to consumers and the commercial market." "They have not experienced any settlement or margin issues and the market continues to function normally.
The heads of bank calls by Nuchin include: JPMorgan CEO Jimmy Dimon, Bank of America CEO Brian Moynihan, Goldman Sachs CEO David Solomon, Morgan Stanley CEO Jamie Gorman (Jamie Gorman), Wells Fargo CEO Tim Sloan, Citigroup CEO Michael Corbat.
US Finance Nuchin said in a statement: "We continue to see strong growth in the US economy, strong activity of consumers and businesses."
The US Treasury’s statement said that Nuchin will convene a conference call on his president’s financial market working group on Monday. The working group formed after the 1987 stock market crash included representatives of the Federal Reserve, the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
Nuchin is currently addressing several issues facing investors and the financial system:
1. Stock market turmoil: The Dow last week was the worst week of performance in 10 years, and the S&P 500 index fell 17.8% from a record high, close to a bear market.
2. US President Trump is dissatisfied with the Fed’s interest rate hike and blames the stock market decline on the Fed’s monetary policy. There are even reports that Trump had discussed the dismissal of Fed Chairman Powell. Nuchin is trying to calm the storm.
3. At least until Thursday, the US government's suspension will continue.