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Mnuchin says Trump never says firing Fed chairman



Treasury Secretary Steven Mnuchin tweeted that he spoke to President Donald Trump about the Federal Reserve Chairman Jerome Powell – and said the President reassured him he did not have the power to do so.

"I totally disagree with Fed policy. I think the increasing interest rates and the shrinking of the Fed's portfolio is an absolute terrible thing to do at this time, … especially Chairman Jay Powell, nor do I believe I have the right to do so, '"Mnuchin tweeted .

Mnuchin's Statement of Conformity with a Bloomberg Report Trump said he would be willing to fire Powell over-the-top raising interest rates this year.

Bloomberg cited four people familiar with the matter who said Trump has become increasingly frustrated with Powell this fall.

Read more : Chairman of the Federal Reserve Jerome Powell

Chairman of the Federal Reserve nominee Jerome Powell will test his hearing before the Senate Banking, Housing and Urban Affairs Committee on November 28, 2017 on Capitol Hill in Washington, DC.
Alex Wong / Getty

On Wednesday, the Federal Open Market Committee voted to raise the rate by 25 basis points to a range of 2.25% to 2.5%, the highest since 2008.

Trump has often criticized Powell for the rate hikes, arguing that "the Fed has gone crazy" and the hikes will slow the economy.

The advisers said they were not Trump would actually oust Powell, and said they hoped Trump's rage would be the down over the holidays.

Powell has chaired the Fed since Jan. Yellen

David Choi contributed reporting.


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