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Traders Don't Need Mnuchin to Tell Them Equities in Trouble

  • Treasury secretary calls banks to check on liquidity
  • S&P 500 futures reverse gains amid turmoil in Washington
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Bloomberg’s Kathleen Hays explains why Mnuchin called top executives from the largest U.S. banks over the weekend.(Source: Bloomberg)
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If the Treasury Secretary wants to keep tabs on the financial system when the market is tumbling, that’s fine. But the idea Steven Mnuchin can do anything to stop the worst market meltdown in a decade was met with skepticism among investors -- and in some cases, concern.

Mnuchin called top executives from the six largest U.S. banks over the weekend to check on their liquidity and lending infrastructure, he said Sunday on Twitter. On Monday he’ll convene a call with the President’s Working Group on financial markets, a panel created in the aftermath of the Crash of 1987.