US President Donald Trump and his administration “absolutely support” the Federal Reserve’s independence, Treasury Secretary Steven Mnuchin has claimed after Trump questioned the Fed’s raising of interest rates.
“We as an administration absolutely support the independence of the Fed, and the president’s made it clear that this is the Fed’s decision,” Mnuchin said on Sunday.
He tried to downplay Trump’s recent comments about the Fed’s raising of interest rates. “These are really more just comments saying, as interest rates are going up, it’s something that the president has a concern.”
“But let me be clear,” Mnuchin added, “he absolutely respects the independence of the Fed.”
There have been reports that the US central bank is planning to raise interest rates further this year. In response Trump said earlier this month, “I don’t like all of this work that we’re putting into the economy, and then I see rates going up.”