Mnuchin: Responsible to Raise Rates

Mnuchin: Responsible to Raise Rates

WASHINGTON (AP) -- Treasury Secretary Steven Mnuchin (mih-NOO'-shin) is insisting that President Donald Trump "absolutely" supports the independence of the Federal Reserve.

Mnuchin tells "Fox News Sunday" that Trump's recent statements questioning whether the central bank should increase interest rates are "just comments" indicating the "president has a concern."

Mnuchin says he believes it's responsible for the Fed to raise rates as the economy grows faster, and says the market expects rates "to keep going up."

The treasury chief adds: "We as an administration absolutely support the independence of the Fed, and the president has made it clear that this is the Fed's decision."

The Fed will meet Tuesday and Wednesday. It's raised rates twice this year in response to strong growth, low unemployment and a slight rise in inflation.