Wall Street extended its losses Monday as President Trump continued to lash out at the Federal Reserve and an unusual weekend statement about the health…
Wall Street extended its losses Monday as President Trump continued to lash out at the Federal Reserve and an unusual weekend statement about the health of the U. S. financial system by Steven Mnuchin, the Treasury secretary, unnerved investors rather than calming them.
Stocks are experiencing their worst decline since the financial crisis a decade ago amid worries about, among other things, a slowing of corporate profits and the impact of a trade war on global growth.
Trump has become increasingly focused on the idea that Fed Chairman Jerome Powell is to blame for the markets’ slide after the central bank raised interest rates last week and indicated that it might keep doing so next year, given signs of strength in the U. S. economy.
“The only problem our economy has is the Fed,” Trump said in a tweet during Monday’s trading session, a day after his aides scrambled to assure the public Trump would not try to fire Powell.
Stocks, already falling before Trump’s tweet, dropped further right after even as investors were still trying to interpret Mnuchin’s late Sunday statement.
The Treasury secretary said he had contacted the chief executives of six major banks to ensure that their operations were running smoothly and that they had “ample liquidity available for lending.
