US Treasury Secretary Steven Mnuchin seeks to allay investor fears

Last week, US stocks suffered one of the worst weekly falls in a decade owing to an interest rate rise and US-China trade tensions rattled markets. In a move that is designed to allay investor fears, US Treasury Secretary Steven Mnuchin made calls to the heads of the country’s six largest banks, he said on Twitter on Sunday.

“The CEOs confirmed that they have ample liquidity available for lending to consumer, business markets, and all other market operations,” the Treasury said in a statement.

On Monday, Mnuchin will convene a call with the President’s Working Group on financial markets, which he chairs. The group includes representatives from the Fed, the SEC and the CFTC.