President Donald Trump reportedly held a call on Wednesday with the CEOs of three major U.S. banks, according to Bloomberg News.
Jabin Botsford | The Washington Post | Getty Images
President Donald Trump reportedly held a call Wednesday about the plunging stock market with the CEOs of the three biggest U.S. banks, according to Bloomberg News. The Dow plunged 800 points, or 3%, in its worst day of the year on Wednesday amid a recession warning from the bond market. Trump held a conference call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America's Brian Moynihan and Citigroup's Michael Corbat, according to the report.
Bank stocks were among the most hammered that day after the yield curve inverted, an unusual event where yields on longer-term bonds fall below that of short term ones. That's because falling rates pressure the industry's profit margins, and also the signal typically means that a recession is coming, which would lead to increased loan defaults.
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