'I do' have confidence Treasury Secretary Mnuchin

'I do' have confidence Treasury Secretary Mnuchin

After weeks of sliding stock prices, Mnuchin convened an emergency meeting with top USA financial regulators on Monday, following a call with executives from six major banks the previous day.

Mr Trump's comments came after Asian markets suffered a holiday rout on fears about the U.S. economy and an ongoing government shutdown in Washington that began last Saturday.

"This is nonsense", they said.

Trump shifted his criticism again to the Fed, saying it "raised the interest rates too fast, that's my opinion".

Mnuchin aimed to allay investor anxiety, recounting on Twitter on Sunday a conference call with major bank CEOs, who confirmed that they had ample liquidity and believe the United States economy remains on solid footing.

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He added: "I am not anxious [about Trump] because I know we are always going to do our jobs as we have always done them".

Mr Trump, asked if he has confidence in Treasury Secretary Steven Mnuchin, said: "Yes I do, very talented guy, very smart person".

President Donald Trump has criticized the Fed for raising rates and reports over the weekend suggested he had privately discussed firing Fed Chairman Jerome Powell.

"The banks all confirmed ample liquidity is available for lending to consumer and business markets", the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls.

Contrary to US 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 USA 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". We have companies, the greatest in the world, and they're doing really well.

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The attempt at reassurance from a chief economic adviser to Trump came as Wall Street sought to pick up following its worst Christmas Eve performance on record and the partial government shutdown went through its fifth day. "I think she's now in that unfortunate position of being beholden to her left wing, to where she can not be seen as agreeing with the president on anything until after she's speaker".

Trump has singled out his handpicked chairman of the Fed, Jerome Powell, for blame, insisting that the bank's interest rate hikes are responsible for the downturn.

"They don't have a feel for the market, they don't understand necessary trade wars or strong dollars or even Democrat shutdowns over borders".

Mnuchin tweeted Sunday that he had called the "CEOs of the nation's six largest banks" in a bid to calm any financial-industry jitters.

On Christmas Day, Trump said he remained confident in Mnuchin but was still unhappy with the Fed. With the USA now showing signs of sluggishness, investors fear they could be spillover effects on the broader global economy.

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