WASHINGTON ̵[ads1]1; U.S. Treasury Secretary Steven Mnuchin called the CEOs of six major banks Sunday in an apparent attempt to recover financial markets coming off a turbulent week in the stock market that is now bracing for potential repercussions from a partial shutdown of the US. government
In an unusual move, Mnuchin published the calls with the heads of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo in a tweet about the private conversations.
Mnuchin said the CEOs all assured they have money to finance all their normal operations, even though there have been no serious liquidity concerns in the market.
Worries about slowing economic growth and rising interest rates saddled the US market with its worst week in more than seven years. Barring a turnaround, stocks are now headed for their single worst month since October 2008, when the market was being battered by the global financial crisis. That crisis was triggered by a reckless landing spree prompted by a taxpayer-backed bailout or several U.S. banks.
But the circumstances are different now that the U.S. economy has been growing steadily since 2009. Most experts believe the growth will continue in the US, but there are signs of slowing down in Europe and China
Dysfunction in Washington is not helping the situation with a budget deadline between President Donald Trump and Congress triggering partial US government shutdown that could last into the new year.