Economy

Trump Says Now Is The Right To Buy Stocks

Trump Says Now Is The Right To Buy Stocks

Despite the recent stock market plunge, the USA economy is experiencing good numbers, overall, with unemployment at 3.7 per cent, the lowest in half a century, and inflation near the annual goal of 2 per cent.

Markets have been roiled by ongoing uncertainty in the USA, with Treasury Secretary Stephen Mnuchin berated for holding a call with the six biggest United States banks and then reporting on Twitter that the six CEOs have "ample liquidity" available.

Over the weekend, Mnuchin spoke with the heads of the six largest US banks, and tweeted a statement afterward assuring that none of them have "experienced any clearance or margin issues".

Trump defended Mnuchin, telling reporters on Tuesday that the Treasury chief is a "very talented, very smart person".

The Nasdaq .IXIC is down almost 22 percent from its record high close in late August and formally in a bear market.

"We've all been doing that really quite a bit over the few weeks".

The White House sought to project a message of stability on Wednesday about the USA economy amid ongoing market volatility triggered in part by confusing signals sent in recent days by President Donald Trump and his top advisers. The conversations confirmed that "ample liquidity is available for lending to consumer and business markets", he said. He had "great confidence" in the American company.

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Mnuchin attempted to brush those reports aside in a pair of tweets Saturday, quoting Trump as saying he "never suggested" firing Powell.

"They're raising interest rates too fast", Trump said of the central bank. "Although his intention was a very good one, the net feeling I think was, 'Is there a bigger problem that we don't know about?"

He added: "I am not anxious [about Trump] because I know we are always going to do our jobs as we have always done them".

Late Sunday, Mnuchin disclosed calls with the heads of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo. Until this weekend, however, markets were not that concerned about liquidity or clearance issues. Phone calls Mnuchins with the heads of some of the largest American banks seem to have investors, however, rather more anxious.

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

On Christmas Day, Trump said he remained confident in Mnuchin but was still unhappy with the Fed.

Citing sources familiar with the matter, the Journal reported that Gay Cohn-Trump's former chief economic adviser-told the White House that Trump's recent tweet calling himself a "Tariff Man" caused a plunge in the Dow Jones Industrial Average and that a former GOP treasury official told the department's current chief-Steven Mnuchin-that Trump's "dysfunctional" leadership was hurting the stock market.


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