United States treasury secretary calls for ‘plunge protection team’, amid government shutdown

United States treasury secretary calls for ‘plunge protection team’, amid government shutdown

United States President Donald Trump expressed confidence in the Treasury Secretary, Federal Reserve and U.S. economy on Tuesday, moving to calm financial markets further roiled after Bloomberg News reported that the President had discussed firing the central bank's chairman over raising interest rates.

The head of the U.S. Federal Reserve faces no risk of losing his job and President Donald Trump is happy with his Treasury secretary, a White House official said in an apparent attempt to calm Wall Street nerves frayed by Trump's criticism of the Fed. Amid concerns of political gridlock and government shutdown, sluggish economic growth and squeezed economy, and, a report indicating informal discussions of possible firing of Federal Reserve Chairman Jerome Powell, the Wall St.

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

Trump, however, said on Christmas Day that he had confidence in Mnuchin, telling reporters that Mnuchin is a "very talented, very smart person". The S&P 500 has lost about 19.8 percent from its September 20 closing high, just shy of the 20 percent threshold that commonly defines a bear market.

On Tuesday, Trump praised USA companies and said their lower stock prices present an opportunity for investors. "I think she's now in that unfortunate position of being beholden to her left wing, to where she can not be seen as agreeing with the president on anything until after she's speaker".

"We continue to see strong economic growth in the USA economy with robust activity from consumers and business", Mnuchin said.


Earlier this month, the Fed followed through on expectations that it would increase interest rates by 0.25 to a range of 2.25 percent 2.5 percent - the highest level in a decade. The President said Powell and his team "will get it pretty soon".

Mnuchin then spoke with the heads of major USA banks on Sunday and issued a statement that evening saying the banks had "ample liquidity". The Dow Jones Industrial Average ended pre-holiday trading down almost 3 percent and the S&P 500 finished the day 2.7 percent lower.

Meanwhile, incoming White House Chief of Staff Mick Mulvaney said Sunday on ABC's "This Week", that Trump "now realizes" he can not fire Powell, Marketwatch reported.

The assurance comes in the face of repeated attacks on the central bank by the President, who most recently called the Fed the U.S. economy's "only problem" on Monday.

"They don't have a feel for the market, they don't understand necessary trade wars or strong dollars or even Democrat shutdowns over borders".

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