Fed leader Powell spoke to CEO Dimon, Corbat after interest rate cut in July
- Federal Reserve President Jerome Powell held telephone conversations with top executives on Wall Street in early August.
- It came about a day after the central bank lowered interest rates for the first time since the global financial crisis.
- Powell talked to JPMorgan's Jamie Dimon for seven minutes and Citigroup's Michael Corbat for 15 minutes on the morning of August 1, according to his public schedule.
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Federal Reserve President Jerome Powell held telephone conversations with top executives on Wall Street in early August, a day after the central bank lowered interest rates for the first time since the global economic crisis.
Powell spoke with JPMorgan & # 39; s Jamie Dimon for seven minutes and Citigroup's Michael Corbat for 1[ads1]5 minutes on the morning of August 1, according to his public schedule.
Later in the afternoon, financial markets fell sharply after President Donald Trump abruptly announced that he would go ahead with tariffs for another $ 300 billion of Chinese products. The Fed had lowered the reference rate a day earlier by a quarter of a percentage point, but signaled that it was not necessarily the start of a relief.
Powell also met Bank of America's Brian Moynihan for half an hour on August 14, the schedule states. Bank of America and Citigroup did not immediately respond to an email requesting comment. JP Morgan said it does not comment on meetings or conversations with government officials.
Dimon, Corbat and Moynihan talked separately with Trump after a key recession signal flashed in mid-August for the first time since before the financial crisis.
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