WASHINGTON (AFP) - US Treasury Secretary Henry Paulson said Tuesday he had been in contact with his foreign counterparts on measures to restore calm to roiling global stock markets.
Speaking at the US Chamber of Commerce shortly before US stock markets were due to open for trading amid sharp falls on overseas markets, Paulson said the Treasury was keeping a close eye on market developments.
Paulson stressed that "the US economy is resilient and diverse," but said it was clear that economic growth was moderating.
Increasing fears that the world's largest economy is sliding into a recession has spurred big selloffs on global stock markets. Wall Street was closed for trading Monday due to a public holiday.
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