Mnuchin says Fed is ‘responsible’ in raising interest rates
WASHINGTON (AP) – Treasury Secretary Steven Mnuchin (mih-NOO’-shin) is insisting that President Donald Trump “absolutely” supports the independence of the Federal Reserve.
Mnuchin tells “Fox News Sunday” that Trump’s recent statements questioning whether the central bank should increase interest rates are “just comments” indicating the “president has a concern.”
Mnuchin says he believes it’s responsible for the Fed to raise rates as the economy grows faster, and says the market expects rates “to keep going up.”
Treasury Secretary Steve Mnuchin, left, and Director of the Office of Management and Budget Mick Mulvaney listen as President Donald Trump delivers remarks about the economy on the South Lawn of the White House, Friday, July 27, 2018, in Washington. (AP Photo/Evan Vucci)
The treasury chief adds: “We as an administration absolutely support the independence of the Fed, and the president has made it clear that this is the Fed’s decision.”
The Fed will meet Tuesday and Wednesday. It’s raised rates twice this year in response to strong growth, low unemployment and a slight rise in inflation.
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