Trump not interfering in forex market, says Mnuchin
Trump was a real-estate businessman and, as such, closely follows rates, Mnuchin said.
By Bloomberg |
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US President Donald Trump fully supports Federal Reserve independence and isn’t trying to interfere in foreign-exchange markets, Treasury Secretary Steven Mnuchin said.
Mnuchin tried to assuage investor concern a day after Trump said a stronger dollar and rising US interest rates were undermining America’s competitive advantage.
“I can assure you — because I’ve spoken to the president — that his intention is not in any way to put pressure on the Fed,” Mnuchin said. While he said Trump’s comments weren’t a mistake, the secretary refrained from commenting on interest rates, saying “it would be inappropriate.”
Trump was a real-estate businessman and, as such, closely follows rates, Mnuchin said. The secretary said the administration continues to have “enormous” confidence in Fed Chairman Jerome Powell, who Trump appointed to succeed Janet Yellen. “I want to emphasise the administration completely supports the Fed independence.”
Mnuchin tried to assuage investor concern a day after Trump said a stronger dollar and rising US interest rates were undermining America’s competitive advantage.
“I can assure you — because I’ve spoken to the president — that his intention is not in any way to put pressure on the Fed,” Mnuchin said. While he said Trump’s comments weren’t a mistake, the secretary refrained from commenting on interest rates, saying “it would be inappropriate.”
Trump was a real-estate businessman and, as such, closely follows rates, Mnuchin said. The secretary said the administration continues to have “enormous” confidence in Fed Chairman Jerome Powell, who Trump appointed to succeed Janet Yellen. “I want to emphasise the administration completely supports the Fed independence.”
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