President Donald Trump says he has confidence in Treasury Secretary Steven Mnuchin, calling him a "very talented guy" and a "very smart person."
Trump reiterated his view that the Federal Reserve is raising interest rates too fast, but called the independent agency's rate hikes a "form of safety" for an economy doing well.
The president lashed out at the Fed on Monday after administration officials spent the weekend trying to assure financial markets that Fed chairman Jerome Powell's job was safe.
Trump expressed displeasure with the Fed after Mnuchin tweeted that Powell's job was safe. Mnuchin also tweeted that he had checked with the heads of the six largest U.S. banks to ensure they had enough liquidity to operate in a stock market that has tumbled sharply since October.
(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
— Donald J. Trump (@realDonaldTrump) December 24, 2018
(1/2) I have spoken with the President @realDonaldTrump and he said “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time,...
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
(2/2) especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
