Treasury Secretary Steven Mnuchin said Monday he thinks President Donald Trump was pleased with Federal Reserve Chairman Jerome Powell's speech on interest rates last week.
Speaking on Wednesday at The Economic Club of New York, Powell appeared to walk back comments on Oct. 3 that rates were a long way from so-called neutral. He said rates are "just below" neutral, perhaps indicting that concerns about a more aggressive path higher for rates may no longer be warranted. That sparked a strong rally on Wall Street, with the S&P 500 having its best week in seven year.
"I do think the president was pleased with the speech last week," Mnuchin said Monday in an interview with CNBC's "Squawk Box." "I will continue to give the president my best advice."
Trump had been critical of the Fed's policies under Powell, blaming the Fed chief for the stock market's recent declines and even General Motors' plan to cut production at several U.S. plants. A Wall Street Journal report last month said Trump had expressed dissatisfaction with Mnuchin for the appointment of Powell.
This is a developing story. Please check back for updates.
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