Dow falls another 653 points: 'Plunge Protection Team' convened amid Wall Street rout
The PPT used to be the reserve of "conspiracy theorists". Now it is talked about openly.
The 3% drop in the Dow makes today marks the worst Christmas Eve ever for trading. There has been no Santa Clause rally this year. Quite the opposite. It's been more of a Santa Claus sleigh ride into the red.
Things are suddenly very ugly in US markets and discussions around many Christmas tables will likely turn to financial matters more quickly than usual. 2019 has a very large question mark hanging over it. Between the Dems taking the House, Trump's ongoing tariff hijinks, and steadily rising interest rates the market is facing suddenly strong headwinds. So strong that Treasury Secretary convened the once hush hush plunge protection team.
The Trump administration arranged a phone call on Monday with top U.S. regulators to discuss financial markets, the Treasury Department said.
Treasury Secretary Steven Mnuchin was to host the call with the president’s Working Group on Financial Markets, known colloquially as the “Plunge Protection team.”
Bloomberg News said regulators told Mnuchin on the call that nothing is out of the ordinary in the markets.
Mnuchin also made calls to top U.S. bankers on Sunday and got reassurances that banks were still able to make loans, the Treasury said.
Yeah, there's "nothing out of the ordinary" about the Treasury Secretary calling the big banks to make sure they can still make loans, or him assuring us that "nothing is out of the ordinary" after the worst December in the markets in decades. Totally cool. No worries.