Treasury Secretary Stephen Manuchen said on Saturday he had spoken to President Donald Trump about reports he wanted to expel Federal Reserve Chairman Jerome Powell and said the president assured him he believed he did not have the authority to do so.
"I spoke with the president @realDonaldTrump" I do not fully agree with the Fed policy. I think increasing interest rates and shrinking the Fed's portfolio is an absolute terrible thing to do at this time, especially in the light of my ongoing major business negotiations, but I have never suggested President Jay Powell and I do not think I have the right to do so, "Mnuchin Tweeted.
Menuchin's statement contrasts with Bloomberg's report on Friday, which said Trump said he wanted to push Powell to raise interest rates repeatedly this year, despite warnings from his advisers that the move would be politically damaging.
Bloomberg cited four people familiar with the subject, saying Trump had become increasingly frustrated with Powell since he raised interest rates again this week.
Read more: Trump's anger over rate hikes is rising because he hints at the removal of Fed Chairman Jerome Powell
On Wednesday, the Federal Open Market Committee voted to raise the price by 25 basis points to 2.25% to 2.5%, the highest since 2008.
Trump often criticized Powell for raising interest rates, saying that "the Fed has become crazy" and that the rises will lead to a slowdown in the economy.
The advisers also said they were not sure Trump would be fired, saying they hoped Trump's fury would fade during the holidays.
Powell has headed the Fed since February, when he took over as Janet Yellen
David Choi contributed to the reporting.