President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE has weighed dismissing Treasury Secretary Steven Mnuchin Steven Terner MnuchinHillicon Valley: DOJ proposes tech liability shield reform to Congress | Treasury sanctions individuals, groups tied to Russian malign influence activities | House Republican introduces bill to set standards for self-driving cars Treasury: Trump's payroll tax deferral won't hurt Social Security Treasury sanctions individuals, groups tied to Russian malign influence activities MORE, a source familiar with the president's thinking told Bloomberg News.

Another source told Bloomberg said that Mnuchin's future at the helm of the Treasury Department depends on whether the market continues to drop.

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Trump's unhappiness with his Treasury chief was reported a day after Mnuchin

released a statement seeking to reassure financial markets as stocks continued to plunge. Mnuchin's statement came following reports that Trump was considering firing Federal Reserve Chairman Jerome Powell.

Trump has reportedly asked if some of his advisers could meet with Powell, which would undermine Mnuchin's authority, according to Bloomberg. Mnuchin meets with Powell every week and the Treasury chief is typically tasked with relaying the White House's views.

“There are plenty of people inside the White House who are not fans of Mnuchin who are happy to throw him under the bus,” Stephen Myrow, a former Treasury official and managing partner at Beacon Policy Advisors in Washington, D.C., told Bloomberg. “Up ’til now, he’s been protected by the fact that Trump liked him and he’s been a loyalist.”

The president in recent days has intensified his attacks on Powell and the Federal Reserve, on Monday tweeting "the only problem our economy has is the Fed.”

The feud between Trump and the Federal Reserve has alarmed investors and Republican lawmakers.

The Dow Jones Industrial Average dropped 653 points Monday, the worst Christmas Eve stock performance in history.

Trump has been attacking the Federal Reserve for raising interest rates last week.

The benchmark S&P was down 2.7 percent by the end of the day on Monday, reaching its lowest level in 20 months, Bloomberg reported.

Reports emerged in November that Trump was unhappy with Mnuchin. The Wall Street Journal at the time reported that Trump was taking issue with the way Mnuchin backed Powell.

According to the Journal, Trump blamed Mnuchin for the turbulent stock market. A source familiar with the matter said that the the president asked, "If he’s so good, why is this happening?”

Trump later denied the report, tweeting, "I am extremely happy and proud of the job being done by [Mnuchin]. The FAKE NEWS likes to write stories to the contrary, quoting phony sources or jealous people, but they aren’t true. They never like to ask me for a quote b/c it would kill their story."

The White House did not immediately respond to The Hill's request for comment.

Reports that Trump has considered ousting Mnuchin comes as the Trump administration has undergone several significant shakeups over the course of several weeks. Defense Secretary James Mattis James Norman MattisBiden courts veterans amid fallout from Trump military controversies Trump says he wanted to take out Syria's Assad but Mattis opposed it Gary Cohn: 'I haven't made up my mind' on vote for president in November MORE last week announced that he is leaving his position over policy disagreements with Trump, and the president earlier this month announced that chief of staff John Kelly John Francis KellyMORE will be leaving.