Source: NBC News
“Treasury Secretary Steven Mnuchin will host the call with the president’s Working Group on Financial Markets, known colloquially as the ‘Plunge Protection Team.’ The Working Group dates to March 1988 when Washington was still trying to figure out what was behind the ‘Black Monday’ stock market crash of October 1987…The group also met in 2008 during a profound financial crisis and issued recommendations for overhauling banking regulations and rules on mortgage lending….The benchmark S&P 500 stock index is on pace for its biggest percentage decline in December since the Great Depression. The Treasury Department on Sunday said the Working Group will discuss ‘coordination efforts to assure normal market operations.’….Investors are betting U.S. economic growth will slow as a tax cut stimulus fades and as three years of gradual interest rate hikes by the Federal Reserve cool purchases made by businesses and households.”
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