Relations among White House advisers are reportedly tense due to the rate hikes, and Hassett is among those who are opposed to intervention in the Fed's policy-making. He said it wasn't appropriate for White House economists to comment on monetary policy.
Contrary to U.S. media reports that Trump's frustration with Mnuchin ratcheted up after the latter's failed attempt to put a brake on the free-fall of major U.S. stock indices leading to the Christmas holiday, the president told reporters Tuesday morning in the Oval Office that he has confidence in Mnuchin, and that the secretary is a "very talented and very smart person."
Trump shifted his criticism again to the Fed, saying it "raised the interest rates too fast, that's my opinion."
In a move to quell market volatility, Mnuchin on Sunday convened individual calls to chief executive officers of six major U.S. banks. "The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury Department said in a statement.
Mnuchin's effort to reach out to the private banking sector is seen as rare for a senior government official. The New York Times said in a report that he conducted "the type of discussions usually reserved for moments of crisis."
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