Trump lauds treasury secretary, hits Fed

Trump lauds treasury secretary, hits Fed

Mnuchin, a former broker and film financier, has always been one in all Trump's nearest advisers, dating back to his time operating with Trump on the 2016 presidential campaign.

US President Donald Trump says he has confidence in Treasury Secretary Steven Mnuchin, calling him a "very talented guy" and a "very smart person".

With stocks declining last week, Trump was reportedly considering firing Federal Reserve Chairman Jerome Powell, after the USA central bank voted Wednesday to increase rates.

Even so, Trump's frustration with Powell over the market's performance - expressed in tweets and interviews - may turn to his Treasury chief, who recommended Powell's nomination.

US President Donald Trump has blasted the Federal Reserve describing it as the "only problem" for the US economy, as top officials discussed a growing rout in stock markets.

U.S. analysts say Trump will spend Christmas tweeting because he was in the White House with little else to do - on Monday alone there were 10 tweets. The S&P 500 finished about 19.8 percent below its September 20 closing high, just shy of the 20 percent threshold commonly used to define a bear market.

The major United States stock markets are in or teetering on the brink of bear markets.

The market has been roiled for most of the month over concerns about a slowing global economy, the escalating trade dispute with China and another interest rate increase by the Federal Reserve.

Crew describe moment special forces took down 'armed migrants' on ship
The Italian-flagged ship, carrying containers and machinery, was bound for the port of Tilbury in Essex, east of London . The highly-trained team boarded the ship at about 11pm on Friday and apprehended the men under immigration law.

Trump says Saudi Arabia to help rebuild Syria, defends forcing Mattis out
USA forces are still in Manbij and the Turkish-backed fighters will not advance until they withdraw, Hamoud told Reuters. Reports have suggested USA forces will leave within 60 to 100 days.

Partial government shutdown: What to expect as it continues over Christmas holiday
The Senate had already passed legislation ensuring that workers will receive back pay, and the House was likely to follow suit. Mr Trump's acting chief of staff, Mick Mulvaney, suggested Democrats were "beholden" to their left wing.

Investors said his move to convene a call with the president's Working Group on Financial Markets, known as the "Plunge Protection team", may have weighed on sentiment.

The test of Trump's comments will come when U.S. stock futures resume trading at 6 p.m.

Markets in Europe, Hong Kong, Australia and South Korea were closed for Christmas. Trump forced a partial government shutdown over demands for $5 billion to fund a wall on the Mexican border. The Treasury Department issued a statement Sunday saying banks have adequate liquidity for lending, surprising investors who didn't know that might be an issue.

Thooft said he was skeptical Trump would actually fire Powell, viewing the latest comment as a continuation of the president's criticism of the agency.

Mnuchin tweeted on Saturday that he spoke with the President, relaying that Trump said, "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so".

"There's carry-over selling from weakness last week combined with lighter-than-average volume, that allows for opportunistic traders to push share prices lower without much opposition", said Sam Stovall of CFRA Research. And they do that by raising and lowering the interest rates and other monetary tools.

The American leader said from the Oval Office on Tuesday that he has confidence in Mnuchin, replying "Yes, I do" when asked about his role in the plummeting market. "So I think it's a tremendous opportunity to buy", Trump said after speaking with USA troops deployed overseas via video conference.

This capped off a string of days in which the President first pleaded with and then complained bitterly about the Fed and its decision to raise interest rates. But I think that they will get it pretty soon. The U.S. central bank chief took his post early last February after being appointed by Trump and has continued the path of gradual rate hikes started by his predecessor, Janet Yellen.

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