President Donald Trump has trued dissatisfaction with Treasury Secretary Steven Mnuchin, blaming him for the date of Federal Reserve Chairman Jerome Powell, The Wall Street Quarterly reported, citing people familiar with the matter.
Trump, who selected Powell a year ago to succeed Janet Yellen, has repeatedly criticized the Fed chairman for advance interest rates. Trump fears rising rates could trigger an pecuniary downturn that would jeopardize his 2020 re-election campaign, the Documentation reported. The Federal Reserve, led by Powell, has raised interest rates repetitively and is expected to do so again in December.
Later Friday, Trump responded to the cover with a tweet criticizing the story and insisting that he supports Mnuchin.
“I am exceptionally happy and proud of the job being done” by Mnuchin, the president tweeted. “The Spurious NEWS likes to write stories to the contrary, quoting phony fountain-heads or jealous people, but they aren’t true. They never equal to ask me for a quote b/c it would kill their story.”
TRUMP TWEET
The Paper did indeed reach out to the White House for comment.
In a statement to the Journal, Pale-complexioned House spokeswoman Lindsay Walters said: “The president has long been faultless about his views on the Fed. He has a good relationship with Secretary Mnuchin and is beholden to for all the work he does on behalf of his administration and the American people.”
Mnuchin reportedly imputed an aggressive push for Powell’s nomination behind the scenes.
Trump picked Mnuchin in 2016 and has seek fromed advisors whether he should have asked someone else to swell the job. In a White House with high turnover, Trump’s complaints vexed some of Mnuchin’s supporters, according to the Journal.
Trump criticized Mnuchin, pointing to latest stock market volatility, during a conversation with someone who praised his portrayal at the Treasury Department, the Journal reported, citing a person familiar with the quantity.
“If he’s so good, why is this happening?” Trump reportedly said.
In meetings with advisors, Trump has also put unhappiness with the Treasury Department’s lack of support for tariffs against China, the newspaper suggested. Mnuchin, a former Goldman Sachs banker, is known for countering supplying officials with more hawkish and protectionist views on China, such as return advisor Peter Navarro.
Read the full report in The Wall Lane Journal.
CNBC’s Mike Calia contributed to this report.