Markets

Trump says 'tremendous opportunity to buy'

Trump says 'tremendous opportunity to buy'”

Representative Maxine Waters, the top Democrat on the House of Representatives Financial Services Committee, said in a statement that Trump and Mnuchin's actions "have been erratic and are creating uncertainty and instability in the markets".

With stocks declining last week, Trump was reportedly considering firing Federal Reserve Chairman Jerome Powell, after the US central bank voted Wednesday to increase rates. The S&P 500 has lost about 19.8 percent from its September 20 closing high, just shy of the 20 percent threshold that commonly defines a bear market. Waters said that it was the erratic behavior of the current administration that is causing the volatility in the markets.

In a subsequent press conference, responding to questions about Trump's criticism, Powell said: "Political considerations play no role in our decisions about monetary policy".

Some analysts were also unnerved the reports over a possible Powell firing.

"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".

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Now, the day after Mnuchin sent out the "all is well, nothing to see here" statement, CNBC reported that despite Mnuchin's headline being "the banks all confirmed ample liquidity is available for lending to consumer and business markets", the call was actually not about liquidity.

It is unclear whether Trump actually has the power to dismiss Powell, but his savagery of the central bank earlier this week saw stock markets plunge.

Investors were also unnerved by weekend news reports that Trump had asked about the possibility of firing Federal Reserve Chairman Jerome Powell, accounts that Mnuchin said Trump has denied. Stoking those concerns are rising interest rates, the U.S.

All three major European markets will reopen Thursday.

Trump's Monday morning tweet heightened fears about the economy being destabilized by a president who wants control over the Fed.

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But the source painted a different picture of Mnuchin's standing behind the scenes.

His comments on Tuesday came after Mnuchin held a conference call with USA regulators on Monday to discuss plunging United States stock markets.

Mnuchin spoke on Sunday with the heads of the six largest US banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly". The biggest decline since 1945 occurred in the 2007-2009 bear market. "Even the Fed and other agencies are very satisfied with the health of the banking system, to the point of relaxing a bit the regulatory grip".

"The only problem our economy has is the Fed", the president said in a tweet.

On Sunday, Treasury Secretary Steven Mnuchin made a round of calls to the heads of the nation's six largest banks in an attempt to calm jitters, but the move only raised new concerns about the economy.

Canada's dilemma over Meng Wanzhou and Huawei
Canadian officials are still pressing China for access to Canadian entrepreneur Michael Spavor, who is also being detained. But after days of engaging with Chinese officials, Canada was finally granted access to diplomat on-leave Michael Kovrig .

The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront.



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