Trump and the Fed; US government shutdown; Market jitters

0
381

London( CNN Business) 1. Trump and the Fed: Does President Donald Trump have the legal authority to fire Federal Reserve Chairman Jerome Powell? US marketplaces is likely to be volatile during a shortened session Monday following reports that Trump has been consulting his advisers about simply that question.

The CEOs of JPMorgan Chase( JPM ), Wells Fargo( WFC ), Goldman Sachs( GS ), Morgan Stanley( MS ), Bank of America( BAC) and Citi( C) each said they have “ample liquidity” to lend to customers, businesses and perform other marketplace operations, Treasury said in a statement Sunday evening.

Wall Street had a rough end to a brutal week on Friday, keeping it on track for its worst month since the financial crisis in 2008, and the phone calls were part of an effort to get ahead of further market jitters. A decision by Trump to fire his Fed chairman would likely exacerbate recent market volatility.

LEAVE A REPLY

Please enter your comment!
Please enter your name here