Trump 'very happy' with Treasury chief Mnuchin: White House adviser

28 December, 2018, 17:42 | Author: Mary Valdez
  • Trump once boasted of market gains, now tweets cause drops

"Yes, markets have been anxious about recession and Fed policy mistakes".

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. Two sources previously told CNN that Trump had begun polling advisers on whether he has the legal authority to fire Powell. But, fortunately, the stock market made a major comeback later in the day Wednesday.

The Fed hiked interest rates again last week, as had been widely expected.

With investors bruised by the stock market's worst week in seven years, President Trump and Treasury chief Steve Mnuchin have spent recent days trying to ease concerns on Wall Street - with the partial government shutdown as an inconvenient backdrop. The Dow Jones Industrial Average ended pre-holiday trading down almost 3 percent and the S&P 500 finished the day 2.7 percent lower.

According to news reports, in recent weeks, the U.S. shares have fallen down sharply over the concerns on slowing economic growth including the S&P 500 index on a track for its huge percentage decline since the great depression in December. Mnuchin "also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly", according to the statement.

Despite the recent stock market plunge, the USA economy is experiencing good numbers, overall, with unemployment at 3.7 per cent, the lowest in half a century, and inflation near the annual goal of 2 per cent.

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For the month of December, all of the S&P 500's eleven sectors have been negative.

The three major indexes are down for the fourth consecutive session, their worst streak in more than three years.

"But I think they will get it pretty soon", added the president, who has dubbed the supposedly independent central bank "crazy" and "out of control".

Mnuchin also spoke on Sunday with the heads of the six largest USA banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly".

Mnuchin followed that up Monday by scheduling a conference call of the "Plunge Protection Team", which was a committee created following the 1987 stock market crash to help stem steep drops in the market.

In a tweet Saturday, Mnuchin denied that President Donald Trump has talked about firing Powell, who had drawn the president's wrath for continuing to raise interest rates, saying that Trump said he "never suggested firing chairman Jay Powell, nor do I believe I have the right to do so".

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