President Donald Trump has expressed dissatisfaction with Treasury Secretary Steven Mnuchin, blaming him for the appointment of a Federal Reserve chairman who has been raising interest rates, according to the Wall Street Journal, citing people familiar with the matter.
Trump fears rising interests rates could trigger an economic downturn that would jeopardize his 2020 re-election campaign, the Journal reported. The Federal Reserve, led by Trump appointee Jerome Powell, has raised interest rates repeatedly and is expected to do so again in December.
Trump appointed Mnuchin in 2016 and has asked advisers whether he should have asked someone else to fill the job. In a White House with high turnover, Trump’s complaints concerned some of Mnuchin’s supporters, according to the Journal.
Trump criticized Mnuchin, pointing to recent stock market volatility, during a conversation with someone who praised his performance at the Treasury Department, the Journal reported, citing a person familiar with the matter.
“If he’s so good, why is this happening?” Mr. Trump reportedly said.
In meetings with advisers, Trump has also expressed unhappiness with the Treasury Department’s lack of support for tariffs against China.
In a statement to the Journal, White House spokeswoman Lindsay Walters said: “The president has long been clear about his views on the Fed. He has a good relationship with Secretary Mnuchin and is thankful for all the work he does on behalf of his administration and the American people.”
Read the full report in The Wall Street Journal.
