(Bloomberg) — U.S. President Donald Trump fully supports the independence of the Federal Reserve and isn’t trying to interfere in the foreign-exchange market, Treasury Secretary Steven Mnuchin told reporters in Buenos Aires.
Speaking on the sidelines of the Group of 20 nations summit, Mnuchin tried to assuage investor concerns that a currency war was looming. In a series of tweets on Friday, Trump lashed out at China and the European Union for their weak currencies and said a stronger dollar and rising U.S. interest rates are undermining America’s “competitive edge.”
Trump is a real-estate businessman and, as such, closely follows interest rates, Mnuchin told reporters. His comments weren’t intended to jeopardize the Fed’s independence, the secretary added.
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While most analysts said Trump’s comments wouldn’t influence the Fed, some raised concerns that any rate decision could now be seen by investors in a political context.