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White House working group discussed recent volatility in financial markets

The White House Working Group on Financial Markets held a meeting on Tuesday to discuss recent sharp moves in asset prices, the Treasury Department announced. The agency said Treasury Secretary Steven Mnuchin convened the meeting "to discuss recent market conditions and activity," but gave no more details. U.S. stocks have seen heavy selling and Treasury bond yields have fallen to new lows in recent days as investors have sought shelter in government debt. Participants on the call included Fed Chairman Jerome Powell, Fed Vice Chairman for Bank Supervision Randal Quarles, New York Fed President John Williams, SEC Chairman Jay Clayton, CFTC Chairman Heath Tarbert, Comptroller of the Currency Joseph Otting and FDIC Chairman Jelena McWilliams.

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