Mnuchin Says Fed is 'responsible' in Raising Interest Rates

Washington, Jun 29 (AP) Treasury Secretary Steven Mnuchin 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. (AP) MRJ

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)