Trump praises Treasury Secretary Mnuchin but hits Fed again on rate rises

United States Treasury Secretary Steven Mnuchin and US Federal Reserve chairman Jerome Powell

"But what's bad is this made the papers, and says the government is very anxious", Krosby told the paper, adding that with investors focused on so many issues, "it's nearly as if gravity is pulling this market toward a lower level before it bottoms out".

Trump has repeatedly criticized the US Federal Reserve for lifting interest rates, loudly warning the central bank in the lead-up to its December 19 meeting against hiking again.

But the comments were widely criticized by market watchers for raising new doubts, fears that were already brewing because of a partial United States government shutdown over Trump's battle with congressional Democrats to finance a wall on the border with Mexico.

"This is nonsense", they said.

On Sunday, Mnuchin asked the heads of major financial institutions during a conference call whether they had enough liquid cash on hand to endure the coming rate hike.

"I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence".

Trump defended Mnuchin, telling reporters on Tuesday that the Treasury chief is a "very talented, very smart person".

Investors have also been concerned that Federal Reserve Chairman Jerome Powell may be fired by Trump, who has begun asking advisers whether he has the legal authority to fire the Fed chair.

Dow Jones soars 1,086 points in largest single-day increase
This therefore means that NASDAQ is down by more than 20 percent from the value of 29 of august when it had recorded its high . Many investors are growing anxious that corporate profits - which drive stock market gains - are poised to weaken.

In European markets on Monday London and Paris were down 0.65 and 0.92 percent respectively in early morning trade while Frankfurt was up 0.21 percent.

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

Treasury Secretary Steve Mnuchin may be the latest addition to President Donald Trump's naughty list after his botched attempted to calm the markets. "Although his intention was a very good one, the net feeling I think was, 'Is there a bigger problem that we don't know about?"

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.

Trump on Tuesday took aim at the Jerome Powell-led Federal Reserve for raising interest rates too fast.

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.

On Sunday, the Treasury Department tweeted that Mnuchin "conducted a series of calls today with the CEOs of the nation's six largest banks" - Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo. With the United States now showing signs of sluggishness, investors fear they could be spillover effects on the broader global economy.

On Christmas Day, Trump said he remained confident in Mnuchin but was still unhappy with the Fed.

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