President Donald Trump held a conference call Wednesday with top executives of three major Wall Street banks as the stock market plunged and the bond market sent a recession signal, Bloomberg reported Friday. Trump held the call with JPMorgan Chase & Co.'s JPM, +2.40% Jamie Dimon, Bank of America Corp.'s BAC, +2.97% Brian Moynihan, and Citigroup Inc.'s C, +3.52% Michael Corbat, the report said.
Stocks tumbled Wednesday, with the Dow Jones Industrial Average DJIA, +1.20% falling 800 points, or 3.1%, to log its biggest one-day percentage drop of the year, while the S&P 500 SPX, +1.44% dropped 2.9%, as the yield on the 10-year Treasury yield briefly dipped below the 2-year note yield, a phenomenon seen as a potential warning of a future recession.
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Next week expect FED and all these Bankers to take turns jawboning about 'strong' US Economy Promise more ratecuts issue buy recommendations and persuading investors to become bagholders Cutting rates only proves our Economy is on life support heading towards Recession
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