White House: Fed Chairman Job Is Safe

Trump once boasted of market gains, now tweets cause drops

According to news reports, Trump is angry about the interest rate hike ordered by the Fed last week and had been considering whether to fire Powell, although Treasury Secretary Steven Mnuchin said on the weekend that the Fed chief would remain in his post. Still, sources have previously told CNN that Trump was upset with Mnuchin over his advice to appoint Powell as Federal Reserve chairman. Futures on the S&P 500 Index jumped 0.7 per cent as of 7.26am NY time, the first advance in two weeks and the largest climb in more than three weeks.

"I am highly confident that the president is very happy with Secretary Mnuchin", Hassett told Fox Business Network.

The President - answering reporters' questions at the White House after addressing U.S. armed forces members on a Christmas Day video conference call - said the Fed was hiking borrowing costs because the "economy is doing so well", adding that USA companies were having "record kinds of numbers" and it is a "tremendous opportunity to buy". The Standard & Poor's 500 index closed about 20% below its all-time high from late September, while the Nasdaq Composite closed 23% from its record peak.

A bruising December for the US markets - triggered by concerns over a partial federal government shutdown, the U.S.

US stocks have dropped sharply in recent weeks on concerns over weaker economic growth. "But I think they will get it pretty soon". However, the Central Bank only two interest rate expected increases in the coming year, rather than three, as in September, indicated.

The Dow Jones industrial average followed its worst week in a decade with a 653-point drop Monday, and President Donald Trump once again took to Twitter to interject himself into financial markets.

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In an official statement, the treasury said he held talks with the CEOs of Wells Frago, Morgan Stanley, JP Morgan Chase, Goldman Sachs, Citi and Bank of America.

"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing", said Jaret Seiberg, an analyst with Cowen Washington Research Group, in a note.

The Treasury Department issued a statement Sunday indicating that Mnuchin had met with the CEOs of some of the nation's largest banks, all of whom assured him that the markets were working properly and that they had sufficient liquidity to continue lending to consumers and businesses.

Trump on Monday renewed his criticism of the Fed, however, tweeting that the central bank was the "only problem" for the US economy.

They don't have a feel for the market.

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