Mnuchin Made Certain We Wouldn’t Get A Santa Rally In 2018

‘Twas the night before Christmas and rather than St. Nick and sugar plumbs, we got Treasury Secretary Steven Mnuchin and lumps of coal. The Dow dropped a whopping  3 % on Christmas Eve. It hasn’t done that since – ahem – 1918! Following the bruising stock selloff, which erased more than 650 points from the Dow, Treasury Secretary Steven Mnuchin tried to instill calm into a jittery market. With the selloff showing little signs of slowing, Mr. Mnuchin attempted to reassure investors. While he was vacationing in a resort in Mexico, he released a statement that said he had spoken individually with the chief executives of six large banks to ensure that they had sufficient lending capacity. It turned out to be one for the blooper reel. Mnuchin’s announcement that he held phone calls with the CEOs of the U.S.’s biggest banks to discuss the sufficiency of their liquidity levels caused severe investor alarm, according to a MarketWatch…

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