President Trump says he DOES have confidence in Treasury Secretary Mnuchin, calling him a ‘very talented, smart guy’
- Donald Trump says he has confidence in Treasury Secretary Steven Mnuchin
- He called him a ‘very talented guy’ and a ‘very smart person’ Tuesday in the Oval Office
- Trump reiterated that U.S. Federal Reserve was raising interest rates too quickly
- He said, however, that U.S. companies were ‘the greatest in the world’
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.
Trump says he has confidence in Mnuchin, calling him a ‘very talented guy’ and a ‘very smart person.
Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Powell, whom he appointed.
Media reports have suggested Trump has gone as far as discussing firing Powell, and he told Reuters in August that he was ‘not thrilled’ with the chairman.
On Monday, Trump said: ‘The only problem our economy has is the Fed.’
On Saturday Mnuchin tweeted that the president told him he never suggested firing Powell.
‘I have spoken with the President 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 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,”’ Powell tweeted.
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.
‘Today I convened individual calls with the CEOs of the nation’s six largest banks,’ Treasury Secretary Steven Mnuchin said on Twitter
U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression
The treasury secretary had called six top US bankers on Sunday amid concerns over falling stocks, and has revealed he plans to convene a group of officials known as the ‘Plunge Protection Team.’
U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on pace for its biggest percentage decline in December since the Great Depression.
‘Today I convened individual calls with the CEOs of the nation’s six largest banks,’ Treasury Secretary Steven Mnuchin said on Twitter shortly before financial markets were due to open in Asia.
The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.
‘The CEOs confirmed that they have ample liquidity available for lending,’ the Treasury said.
Mnuchin ‘also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,’ the Treasury said.
U.S. stocks have dropped sharply in recent weeks on concerns over weaker economic growth.
Treasury Secretary Steve Mnuchin talks with reporters at the White House in Washington on December 3