Update: it appears that the Trump presser is not about the market, but rather about "success in empowering members of the African-American community" in a meeting shortly in the West Wing. That said, this is Trump and he will probably insert one more unexpected comments on the record Dow point crash at some point today.
The White House says Trump will discuss his "success in empowering members of the African-American community" in a meeting shortly in the West Wing. (There's a reception later tonight.)— Josh Wingrove (@josh_wingrove) February 27, 2020
Trump often turns these kinds of things into impromptu press conferences. So, we'll see.
* * *
It would seem that the fastest collapse in stocks from record highs into correction since The Great Depression is enough to warrant an emergency White House press conference (and general gathering of the Plunge Protection Team).
Bloomberg’s Josh Wingrove reports an unscheduled event...
The White House press pool is being called for an unscheduled event in the West Wing, per @JenniferJJacobs. Looks like Trump wants to talk after markets got hammered again today.— Josh Wingrove (@josh_wingrove) February 27, 2020
We are sure Trump will desperately jawbone how great everything is and if it's not, it is Bernie Sanders fault or China's faults. It seems there may not be a live feed for this meeting with reporters.
Is it time for Mnuchin to make that call to the big banks?
Or, maybe President Trump should listen to Mohamed El-Erian: "we've gone too far."
"I don't think this is a panic...this is a recognition that we have gone too far in terms of liquidity risk and credit risk, and that economic fundamentals have deteriorated," says @elerianm. pic.twitter.com/BWsubMxwIh— CNBC's Closing Bell (@CNBCClosingBell) February 27, 2020
As @QTRResearch noted very succinctly: "The more Trump panics about the market; The more Trump will panic the market"