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As of Friday’s close, the Nasdaq alone is down nearly 22 percent from its record high close in late August and is now formally in a bear market. The Dow and S&P are not far off those levels. The drop in futures came after Treasury Secretary Steven Mnuchin spoke with each of the chief executive officers of the largest U.S. banks, the Treasury said, and those institutions confirmed they have enough liquidity to continue lending to consumers and corporate clients. Mnuchin late Saturday had issued a tweet saying Trump does not believe he has the power to remove Federal Reserve Chairman Jerome Powell. Trump has been irate with Powell, his own appointee, since the Fed has raised interest rates four times this year and continues a process of slimming down the vast holdings of bonds it accumulated to help battle the deep recession caused by the financial crisis a decade ago novel cufflinks uk online.
Most economists and investors assert that any attempt by Trump to fire Powell would have significant repercussions in financial markets, which have long operated on the principle that the U.S novel cufflinks uk online. central bank’s independence is integral to its mission and to market stability. Rick Meckler, partner at Cherry Lane Investments, said Mnuchin’s acknowledgement that the White House does not have the ability to remove Powell was more reassuring for investors than trying to say it did not want to remove the Fed chair..
“The administration hasn’t been all that stable when it comes to changing their mind,” he said novel cufflinks uk online. “Politically these are very strange times.”. Mnuchin will convene a call on Monday with the president’s Working Group on financial markets, a group that includes Powell and the head of the Securities and Exchange Commission. The group, formed following the stock market crash of October 1987, is known more commonly as the “Plunge Protection Team” and met in 2009 in the latter stages of the financial crisis..
(Reuters) – The advisers of President Donald Trump have discussed in recent days arranging a meeting between him and Federal Reserve Chairman Jerome Powell in the coming weeks, the Wall Street Journal reported on Sunday, citing a source. Trump has recently been critical of the Fed for raising borrowing costs this year, especially as U.S. stocks have tumbled and yields on U.S. government debt have begun to signal a possible recession ahead novel cufflinks uk online. Trump has frequently attacked Powell, who was sworn in as Fed chairman last February..
GEORGETOWN/CARACAS (Reuters) – Venezuela’s navy “intercepted” a ship exploring for oil on behalf of Exxon Mobil Corp (XOM.N) in Guyanese waters over the weekend, Guyana’s foreign ministry said in a statement, while neighboring Venezuela said the incident occurred within its territory novel cufflinks uk online. The latest incident in a century-old border dispute comes after a series of offshore oil discoveries have given Guyana the potential to become one of Latin America’s largest producers. In OPEC member Venezuela, by contrast, crude output has tumbled to the lowest levels in nearly 70 years amid an economic crisis..