Steven Mnuchin: Stocks still up '30% since the election'

The crazy stock market isn't dampening Treasury Secretary Steven Mnuchin confidence in the nation's economy."I...

Posted: Feb. 6, 2018 9:25 PM
Updated: Feb. 6, 2018 9:25 PM

The crazy stock market isn't dampening Treasury Secretary Steven Mnuchin confidence in the nation's economy.

Scroll for more content...

"I'm not overly concerned about the market volatility," Mnuchin said on Capitol Hill Tuesday, as he momentarily checked his phone to relay to lawmakers that the Dow was "now up 187 points."

The global market selloff -- the largest decline in the last six-and-half years -- was portrayed by House Republicans as an overdue "technical correction" that didn't signal underlying weakness in the U.S. economy.

"How ironic, but totally predictable, that equity markets would now swoon over the prospects of higher interest rates and possible inflation associated with a breakout of economic growth," said Rep. Jeb Hensarling, the Republican chairman of the House Financial Services Committee. "Artificially low interest rates may have benefited some on Wall Street but they haven't been particularly helpful to Main Street."

Related: Global stocks plunge after Wall Street bloodbath

The U.S. economy is getting stronger. Economic growth is at 3% -- again. The unemployment rate is at a 17-year low. And Americans wages are finally on the rise.

"I think the fundamentals are quite strong," Mnuchin said.

Ahead of Tuesday's hearing, Mnuchin said he spoke to market players to ensure that traders and other companies that keep the markets running were ready for action. "I'm happy to report that I have the green lights," he said.

He added, "We continue to believe in the long-term impact on the stock market."

Related: Jerome Powell's big test: Raise rates and avoid a recession

When asked whether the Trump administration would take responsibility for the recent market downturn, Mnuchin said "we'll still claim credit that it's up more than 30% since the election."

Trump has repeatedly touted stock market rallies throughout the 13 months of his presidency, but has said little about the recent downturn.

The stock market dip follows months of record highs, but still leaves the Dow at a significantly higher level than it was when Trump took office.

On Monday, White House deputy press secretary Raj Shah said that "markets do fluctuate in the short term, I think we all know that. But the fundamentals of this economy are very strong."

--CNN's Jeremy Diamond contributed to this report.

Related Content

Article Comments

West Lafayette
Clear
79° wxIcon
Hi: 80° Lo: 55°
Feels Like: 79°
Kokomo
Clear
80° wxIcon
Hi: 80° Lo: 55°
Feels Like: 80°
Rensselaer
Clear
81° wxIcon
Hi: 81° Lo: 56°
Feels Like: 81°
Fowler
Clear
81° wxIcon
Hi: 80° Lo: 57°
Feels Like: 81°
Williamsport
Clear
80° wxIcon
Hi: 81° Lo: 56°
Feels Like: 80°
Crawfordsville
Clear
79° wxIcon
Hi: 81° Lo: 57°
Feels Like: 79°
Frankfort
Overcast
83° wxIcon
Hi: 80° Lo: 56°
Feels Like: 83°
Delphi
Clear
80° wxIcon
Hi: 81° Lo: 56°
Feels Like: 80°
Monticello
Clear
80° wxIcon
Hi: 82° Lo: 56°
Feels Like: 80°
Logansport
Clear
79° wxIcon
Hi: 80° Lo: 54°
Feels Like: 79°
Warm and dry heading into the weekend
WLFI Radar
WLFI Temps
WLFI Planner

Community Events