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Trump never said he would burn Fed Chairman Powell



  US Executive Chairman Jerome Powell is holding a press conference after a meeting of the Federal Open Market Committee in Washington, DC, December 19, 2018.

Jim Watson | AFP | Getty Images

US Federal Reserve Board Mayor Jerome Powell holds a news conference after a meeting of the Federal Open Market Committee in Washington, DC, December 19, 2018.

President Donald Trump is sincerely opposed to the Federal Reserve's rate Hike campaign, but has never suggested shooting the Fed Mayor Jerome Powell, said Prime Minister Steven Mnuchin on Saturday, moving to uncover a controversy that could roam global markets even further.

Mnuchin tweet

Earlier in the day, White House press secretary Sarah Huckabee Sanders stated that there were no plans to send the Fed chair.

The Dow Jones Industrial Average fell 7 percent this week, the worst week in 10 years, fearing that the Fed is unnecessarily slowing down the economy as the central bank spring day increased its benchmark price for the fourth time this year. The Dow, which Trump rejoiced when it was at record highs earlier this year, is now down 9 percent in 2018.

Markets have been extremely volatile in the wake of the Fed's tightening campaign, with Wall Street fearing that the central bank could commit a political error similar to the year 2000, when a Fed rate hike was partly blamed for tipping the economy like the dotcom bubble.

However, analysts on Saturday criticized the idea that Powell would be fired, especially during an uncertain time for global markets and the US economy.

– CNBC's John Melloy contributed to this report.


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