August 25, 2019, 22:51

Largest US Banks Assure Gov’t of Having Enough Liquidity for Lending – Mnuchin

Largest US Banks Assure Gov’t of Having Enough Liquidity for Lending – Mnuchin

WASHINGTON (Sputnik) – Six largest US banks have assured the country’s authorities of having enough liquidity for lending amid yet another decision of the US Federal Reserve to increase the benchmark interest rate, US Treasury Secretary Steven Mnuchin said.

Mnuchin said on Sunday that he conducted a series of calls with CEOs of the country’s six largest banks, namely Brian Moynihan, Bank of America; Michael Corbat, Citi; David Solomon, Goldman Sachs; Jamie Dimon, JP Morgan Chase; James Gorman, Morgan Stanley and Tim Sloan, Wells Fargo.

READ MORE: Draft US Law Would Force Breakup of Six Largest US Banks — Senator

“The CEOs confirmed that they have ample liquidity for lending to consumer, business markets, and all other market operations,” the statement published on Twitter said.

On Monday, Mnuchin will continue a series of consultations with representatives of the country’s financial institutions and departments to discuss how to ensure the normal functioning of the market.

On December 19, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said that the US benchmark interest rate would increase by 25 basis points to a range of 2.25 to 2.5 percent. The Fed also indicated that it would press ahead with its plans for more rate hikes next year, despite signs that global economic growth could be slowing. The increase in rate in the banking system increases the cost of lending and thus has a negative effect on stock turnover. The announcement triggered a sharp sell-off in the US stock market.

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