"Federal Reserve" is the only problem in U.S. economy, says Trump


Hassett also said Trump was happy with Treasury Secretary Steven Mnuchin, who in recent days has talked with top USA bankers and convened a call with a working group of regulators who aim to keep financial markets running smoothly.

"They're raising interest rates too fast", said Trump, to reporters in the Oval Office, NBC News reported.

"Yes, I do", Trump said Tuesday when asked whether he had confidence in Mnuchin.

"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". The group, formed following the stock market crash of October 1987, is known more commonly as the "Plunge Protection Team" and met in 2009 in the latter stages of the financial crisis.

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The S&P 500 at the same time jumped by about five percent as well by closing near 2,468, reported MarketWatch.

The Nasdaq .IXIC is down almost 22 percent from its record high close in late August and formally in a bear market. He tweeted that he had spoken with the heads of the nation's six largest banks and was assured that they had sufficient lending capacity.

One reason stocks have been declining is the partial U.S. government shutdown over Mr Trump's demand for billions of dollars for a wall on the Mexican border - his top campaign promise. He had "great confidence" in the American company. They have record kinds of numbers. "So I think it's a tremendous opportunity to buy".

The U.S. dollar slipped on Monday as concerns about a prolonged government shutdown and sharply lower equity markets reduced demand for the greenback.

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But while the president has publicly expressed his disapproval of the Fed's policy - having previously told the Washington Post he was "not even a little bit happy with my selection of Jay" - Mnuchin on Saturday put to rest rumors of Powell's impending departure.

After the Federal Reserve announced its plan to raise interest rates somewhere between 2.25 percent to 2.5 percent, Trump responded today with, "The fact is that the economy is doing so well that they raised interest rates".

"I am not anxious [about Trump] because I know we are always going to do our jobs as we have always done them".

The remarks represent Mr Trump's first expression of public support for Mr Mnuchin and Mr Powell since people familiar with the matter told Bloomberg News last week that the President had discussed dismissing the Fed chief, who was recommended by Mr Mnuchin.

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