LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Mnuchin to convene U.S. 'Plunge Protection Team', markets slide

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Dec 24, 2018
09:30 pm
Reuters
RELATED NEWS
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21
Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details

The Trump administration is arranging a phone call on Monday with top U.S. regulators to discuss financial markets as stocks fell again amid concern about slowing growth, the government shutdown and the independence of the Federal Reserve, the Treasury Department said.

Treasury Secretary Steven Mnuchin will host the call with the president`s Working Group on Financial Markets, known colloquially as the "Plunge Protection Team."

Mnuchin made calls to top U.S. bankers on Sunday and got reassurances that banks were still able to make loans, the Treasury said. U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index .SPX on pace for its biggest percentage decline in December since the Great Depression.

If Mnuchin’s efforts to poll the top banks on their financial health and convene a call of a group of officials who typically meet to address a crisis was meant to soothe markets, that was not evident early on Monday as Wall Street traded sharply lower in a shortened session ahead of Tuesday`s Christmas holiday.

All the 11 major S&P 500 sectors were lower, and all the 30 components of the Dow Industrials .DJI were in the red, pushing them closer to bear territory. However, trading volumes are expected to be muted, with markets closing at 1 p.m. ET (1800 GMT) ahead of the Christmas holiday, and could exaggerate movements.

A statement by Mnuchin on Sunday about his conversation with the banks and plans to convene the so-called Plunge Protection Team “was not especially comforting, however, given that investors had not generally been questioning market functioning in recent days, despite large declines,” Nick Bennenbroek, currency strategist at Wells Fargo in New York, wrote in a note to clients.

Wall Street is also closely following reports that Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell. Mnuchin said on Saturday that Trump told him he had "never suggested firing" Powell.

The meeting of the working group also comes amid a partial government shutdown that began on Saturday following an impasse in Congress over Trump`s demand for more funds for a wall on the border with Mexico.

The Plunge Protection Team, which was also convened in 2009 during the latter stage of the financial crisis, includes officials from the Federal Reserve as well as the Securities and Exchange Commission.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21
Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details

LATEST NEWS

Right to Health! Every family to be given Rs 5 lakh health insurance coverage in this state

Anil Singhvi’s Strategy February 24: Day support zone on Nifty is 14,625-14,675 & Bank Nifty is 34,900-35,100

New leadership Announcement at Ziqitza Healthcare Limited – Mr. Amitabh Jaipuria to join as the MD & CEO

Gangubai Kathiawadi: AMAZING Alia Bhatt! Check POWERFUL first look, story, release date, cast and other details

SBI share price: Decoded! Technical, fundamental share analysis for stock investors

Massive Update! PUBG Mobile 2 may launch next week | Check availability, download link and more NOW!

Intense Chelsea stifled Atletico, says proud Tuchel

GameStop rallies again; some puzzle over ice cream cone tweet

7th Pay Commission latest news: Central government employees alert! Your DA, PF, Gratuity, other allowance may change next fiscal

Stocks to buy with Anil Singhvi: Market analyst Vikas Sethi picks Mahindra EPC, Bandhan Bank for big gains

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved