President Trump is "very happy" with Treasury Secretary Steven Mnuchin, a White House adviser told FOX Business on Wednesday, adding that stories suggesting otherwise are "false."

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"I am highly confident that the president is very happy with Secretary Mnuchin," White House Council of Economic Advisers Chairman Kevin Hassett told Charles Payne. "I've met with them together in the Oval (Office) many, many times and they have a very collegial and productive working relationship."

Hassett’s comments come in the wake of reports that the president is frustrated with Mnuchin, who attempted to reassure investors as volatility continues to roil markets. The Treasury secretary spoke to the chief executives of six of the nation’s largest banks on Sunday, and released a statement that afternoon saying all had “ample liquidity.”

However, Mnuchin’s efforts did little to quell fears, as the Dow Jones Industrial Average had its steepest drop on Christmas Eve in its 122-year history. It also was the worst Christmas Eve for the tech-heavy Nasdaq Composite and the first time the broader S&P 500 ever had more than a 1 percent drop on Dec. 24.

Still, Trump, on Christmas Day, called the Treasury secretary a "very talented guy" and a "very smart person."