US Markets Drop in Their Worst Day of Christmas Eve Trading Ever


All modern economies depend on public confidence that politicians can't lower interest rates to serve their own purposes - such as getting short-term growth at the expense of long-term inflation and instability.

"Yes, I do", Trump said Tuesday when asked whether he had confidence in Mnuchin. "Very talented guy. Very smart person", he said.

However a source told Bloomberg that Mnuchin had done so without the advice of POTUS. They added: 'Mnuchin is under the gun'.

The latest run of selling has come amid White House turmoil led by Trump and a gridlocked USA government.

The Fed hiked interest rates again last week, as had been widely expected.

US President Donald Trump on Tuesday marked Christmas with a renewed attack on the central bank over plunging stocks, as he aired a catalogue of grievances in a downbeat gathering at the Oval Office.

Binder: Presidents, before Bill Clinton, regularly pressured the Fed but only when the economy was doing poorly.

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The Fed is an independent agency.

Nothing has been formally scheduled.

In January, he shared excitement over a "big day" on Wall Street.

"The market is concerned about what is happening in D.C.", he said.

The markets closed Christmas Eve down sharply, with the Dow dropping 653 points and the S&P 500 nearing a bear market.

Alongside last week's Fed hike woes were murmurs of a partial U.S. government shutdown, which has since gone into effect.

But investors said his move to convene a call with the President's Working Group on Financial Markets, known as the "Plunge Protection team", may have weighed on sentiment on Monday.

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On Sunday, the 23rd of December, the US president Donald Trump privately discussed the possibility of firing of the US Federal Reserve Chair, Jerome Powell, as he had been continuously ignoring suggestions from the US lawmakers including US president Donald Trump. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!", Trump wrote on his Twitter page.

Wednesday's trading could mark the end of the longest so-called bull run in Wall Street history.

Mnuchin's attempts over the weekend to assure investors only seemed to make matters worse as the confusing signals from Washington sent the markets plunging.

Whether or not Powell can actually be fired by Trump remains in question - as of Monday (December 24) morning, the president was reportedly reaching out to advisors to determine if he is legally able to do so. Mnuchin's announcement and reaction Mnuchin released a statement saying that he had called the heads of the country's biggest banks and the CEOs had assured him that their banks were healthy and had enough liquidity to lend to both consumers and businesses.

Many analysts promptly sent notes to clients warning that Mnuchin's statement may, in fact, have been a potential indicator of problems, which led to Monday's poor market performance. Last week, the Dow lost 1,655 points, making it the worst week for the stock market since the financial crash of 2008.

Trump had already set an unfestive holiday tone in a Christmas Eve tweetstorm in which he expounded on the shutdown and his controversial withdrawal of USA troops from Syria, launching another attack on the Federal Reserve.

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