Mnuchin: Trump respects Fed but likes low interest rates - CNBC
WASHINGTON (Reuters) - U.S. Treasury Secretary Steve Mnuchin said on Friday that President Donald Trump does not feel he needs to attack the Federal Reserve and respects its independence.
“The president likes low interest rates. The president is concerned about the Fed raising interest rates too much and slowing down the economy and those are obviously natural concerns,” Mnuchin said in a CNBC interview from the International Monetary Fund meeting in Bali, Indonesia.
Mnuchin said Fed Chairman Jay Powell was doing a good job and that he understands the regulatory environment.
Mnuchin said he did not see the recent stock market selloff related to high interest rates and Fed policy.
“I think the fundamentals are still very strong. The U.S. economy is strong. U.S. earnings are strong so I see this as just a natural correction after the markets were up a lot,” he said.
“There’s really no new information in the market on the Fed or on trade for that matter.”
Mnuchin said there is a normalization in the yield curve on bond markets.
Reporting by Doina Chiacu and Susan Heavey; Editing by Steve Orlofsky
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |