'I do' have confidence Treasury Secretary Mnuchin


"The only problem our economy has is the Fed", the president said in a tweet.

Top White House economist Kevin Hassett on Wednesday said Federal Reserve Chairman Jerome Powell is not in danger of losing his job amid reports President TrumpDonald John TrumpFuneral held for Guatemalan girl who died in USA custody 2020 Dems go on offense over drug prices Solving our national problems MORE is considering ousting him.

Hassett later told reporters Powell wasn't at risk of being fired.

As markets struggled to gain a foothold Wednesday morning, the partial shutdown of the federal government entered its fifth day, with no immediate end in sight.

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.

The president on Christmas Day once again criticized Powell's interest rate hikes but was noncommittal about whether he has confidence in the Fed chairman. The Nasdaq lost 2.2 percent to 6,192.92.

According to news reports, in recent weeks, the U.S. shares have fallen down sharply over the concerns on slowing economic growth including the S&P 500 index on a track for its huge percentage decline since the great depression in December.

Despite the recent stock slump, U.S. economic data remains fairly strong.

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Overall, for the month, the stock market has lost about 7.8% of its value during the month of December, meaning that this month could be the worst December for the stock market since the Great Depression. The percentage increase for all three major indexes were the strongest since March 2009.

Mnuchin's attempts over the weekend to assure investors only seemed to make matters worse as the confusing signals from Washington sent the markets plunging.

Hassett also said the president was happy with Treasury Secretary Steven Mnuchin, who reportedly faced his own tensions with the president.

Mnuchin followed that up Monday by scheduling a conference call of the "Plunge Protection Team", which was a committee created following the 1987 stock market crash to help stem steep drops in the market.

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

Trump says he has confidence in Mnuchin, calling him a "very talented guy" and a "very smart person".

Over the weekend, Mnuchin spoke with the heads of the six largest US banks, and tweeted a statement afterward assuring that none of them have "experienced any clearance or margin issues".

Trump has reportedly been frustrated with his Treasury secretary when the stock market wasn't doing great in recent weeks.