Treasury Secretary Steven Mnuchin told CNBC on Wednesday that he doesn't believe Federal Reserve Chairman Jerome Powell is the wrong person to lead the central bank despite criticism from President Donald Trump.

"I don't feel like I picked the wrong person, but I respect the president's views and his views of the economy, where he's had tremendous insight," Mnuchin said.

Trump has voiced frustration with Mnuchin over his recommendation to nominate Powell for the Fed's top job as the central bank hiked interest rates throughout 2018.

The president has said that he's "not even a little bit happy with" Powell and thinks the Fed is "way-off base" with its monetary policy. As recently as December, Trump discussed firing Powell because of widespread losses in the stock market in the last three months of 2018.

Trump said last week that the U.S. economy would take off like "a rocket ship" if the Fed lowered borrowing costs and ended its tightening policy.

"I think they should drop rates and get rid of quantitative tightening," Trump told reporters Friday, referring to the Fed's policy of selling securities to unwind its balance sheet. "You would see a rocket ship. Despite that we're doing very well."