US Treasury Secretary Steven Mnuchin's job is not under threat after reports indicated that President Donald Trump is becoming increasingly frustrated with Mnuchin following his failed attempt to calm the stock market, White House Council of Economic Advisers Chairman Kevin Hassett said in an interview on Wednesday.
WASHINGTON (Pakistan Point News / Sputnik - 26th December, 2018) US Treasury Secretary Steven Mnuchin's job is not under threat after reports indicated that President Donald Trump is becoming increasingly frustrated with Mnuchin following his failed attempt to calm the stock market, White House Council of Economic Advisers Chairman Kevin Hassett said in an interview on Wednesday."I am highly confident that the president is very happy with Secretary Mnuchin," Hassett told the Fox business Network. "I've met with them together in the Oval (Office) many, many times and they have a very collegial and productive relationship."
On Monday, the US stock market suffered its worst Christmas Eve trading ever, with the Dow Jones Industrial Average dropping 653 points or more than 2 percent. The S&P 500 index fell 2.7 percent and the Nasdaq Composite Index dropped 2.2 percent.
Over the weekend, Mnuchin had tried to calm the stock market by talking to the chief executive officers of the six largest banks in the United States and issuing a statement affirming that there was no risk of a liquidity crisis.
Mnuchin also spoke with Trump, who has repeatedly blamed the Federal Reserve for the markets' current woes as the central bank increased again the interest rate.
After the interview, Hassett tried to dispel speculations that that Federal Reserve Chairman Jerome Powell will be fired and told CNBC that Powell's job as head of the US central bank is safe.
