Wall Street banks reassure US Treasury amid big market falls

Traders work on the floor of the New York Stock Exchange in New York U.S

Mnuchin "also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly", the Department said. Futures on the S&P 500 Index jumped 0.7 per cent as of 7.26am NY time, the first advance in two weeks and the largest climb in more than three weeks.

Treasury Secretary Steven Mnuchin called top US bankers on Sunday amid the pullback in stocks and said he was calling a meeting of financial regulators to discuss ways to ensure "normal market operations".

"Yes, I do", Trump said Tuesday when asked whether he had confidence in Mnuchin.

The stock market was only open for half a day Monday, and that was more than enough time for the Dow Jones Industrial Average to drop 2.9 percent to 21,792.20.

Mnuchin said after meeting with the chief executives of six of the largest banks on Sunday that each had "ample liquidity available for lending".

The Treasury Department also said Mnuchin will convene a call on Monday with the president's Working Group on Financial Markets, which includes Washington's main stewards of the US financial system and is sometimes referred to as the "Plunge Protection Team".

Miley Cyrus and Liam Hemsworth marry in secret Christmas celebration
Cyrus posted three black-and-white photos of her and Hemsworth on the singer's Instagram and Twitter accounts on Wednesday. In a second picture, they shared a smooch in what Cyrus called "probably our one - millionth kiss".

Investors said his move to convene a call with the president's Working Group on Financial Markets, known as the "Plunge Protection team", may have weighed on sentiment. He had "great confidence" in the American company. "Really to buy a great opportunity", said Trump on the first Christmas day, in front of reporters in the White house. They have record kinds of numbers.

US stocks have dropped sharply in recent weeks on concerns over weaker economic growth.

But while the president has publicly expressed his disapproval of the Fed's policy - having previously told the Washington Post he was "not even a little bit happy with my selection of Jay" - Mnuchin on Saturday put to rest rumors of Powell's impending departure.

"I am not anxious [about Trump] because I know we are always going to do our jobs as we have always done them". However, the Central Bank only two interest rate expected increases in the coming year, rather than three, as in September, indicated.

Many analysts promptly sent notes to clients warning that Mnuchin's statement may, in fact, have been a potential indicator of problems, which led to Monday's poor market performance.

By presidential right, the USA president could fire Jerome Powell on certain conditions, if situation demands, however, that incident might intervene the Federal Reserve's much cherished independence, while the republican president Trump had been laying the blames of unnerving headwinds on United States central bank.

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