Moneys Secretary Steven Mnuchin said Tuesday the White House is closely continuing the turmoil in financial markets, but administration officials are not that concerned.
“We’re prefect the situation,” Mnuchin told CNBC while on his way to his testimony before the Company Financial Services Committee on financial stability. “The markets look with they’re functioning normally in terms of liquidity and other things.”
“The constitutional economics are very strong. The economy is doing very well. Tax amelioration is clearly helping earnings a lot,” Mnuchin added.
The Dow Jones industrial typical seesawed Tuesday after losing more than 1,800 thrusts on Friday and Monday. Shortly after 11 am, the market was off fractionally.
“I judge you’ve seen a normal market correction, although large,” Mnuchin responded during the hearing. “There’s just a disconnect in the short term. Customer bases move in both directions.”
He said he was assured that even completely the extreme dips and recoveries the market saw, there was no malfunctioning in market build.
“I don’t think these types of moves, given how much the market has gathered, do have financial stability concerns,” he said.
—With reporting by CNBC’s Mary Catherine Wellons and Jeff Cox.