Trump didn't suggest firing Fed chair Powell: Treasury secretary

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Treasury Secretary Mnuchin on Fed: Market reaction is completely overblown

Treasury Secretary Steven Mnuchin on concerns over the potential impact of computerized trading on market volatility, the Federal Reserve's interest rate hike strategy, the market reaction to the Fed and U.S. trade negotiations with China.

President Trump has denied he ever suggested firing the head of the U.S. central bank – despite a published report to the contrary, Treasury Secretary Steven Mnuchin said.

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Trump’s frustration with Federal Reserve Chair Jerome Powell, who has not responded publicly to the president's criticisms, has reportedly amplified recently after he urged the Fed to “feel the markets” before raising interest rates.

"So far, I’m not even a little bit happy with my selection of Jay," Trump said in November during an interview with The Washington Post. ”Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing."

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On Friday, Bloomberg News reported that the president is reportedly considering firing Powell after policymakers at the central bank on Wednesday voted to increase interest rates for the fourth time this year.

However, Mnuchin tweeted Saturday that the report is untrue. He quoted the president as telling him, “I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”

Bloomberg said that four people who are familiar with the matter confirmed Trump's alleged suggestion.

Trump is in the midst of shaking up his administration: Since November, he’s announced the departures of Attorney General Jeff Sessions; Chief of Staff John Kelly; Interior Secretary Ryan Zinke; and, most recently, Defense Secretary James Mattis.

FOX Business' Megan Henney contributed to this story.