FEDERAL RESERVE/STEVE MNUCHIN/TREASURY/TRUMP AS PRESIDENT: “Treasury Secretary Steven Mnuchin said Friday [10-12-18] that President Donald Trump respects the independence of the Federal Reserve and the president’s recent comments were simply a reflection of the fact that he favors low interest rates…Mnuchin, who praised Fed Chairman Jerome Powell, said the president understands that the Fed is doing its job. Trump this week has blamed the market’s big sell-off on the Fed’s interest rate increases, saying ‘the Fed is out of control.’ But Mnuchin disputed that Trump’s comments represented an attack on the Fed..Mnuchin said he viewed the market turbulence as a ‘natural correction after the markets were up a lot’ rather than a sharp plunge triggered by bad news on the economy.”
–The Associated Press, “Mnuchin Says Trump Respects the Independence of the Fed,” The New York Times online, October 12, 2018