Trump: I have confidence in Mnuchin and Powell

U.S. President Donald Trump said he has confidence in Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell.

Trump - answering reporters' questions at the White House - said the Fed was hiking borrowing costs because the "economy is doing so well," adding that U.S. companies were having "record kinds of numbers" and it’s a "tremendous opportunity to buy."

The President, asked if he has confidence in Mnuchin, said, "Yes I do, very talented guy, very smart person," Bloomberg reported.

Asked about Fed Chairman Jerome Powell, Trump said the central bank is "raising interest rates too fast" but he has confidence that the Fed will "get it pretty soon."