Washington (CNN) President Donald Trump said Tuesday he remains confident in his treasury secretary, a day after markets tanked on fears about the Federal Reserve and a peculiar call between Treasury Secretary Steve Mnuchin and bank CEOs.

"Yes I do," Trump said when asked whether he had confidence in Mnuchin. "Very talented, very smart person."

Still, Trump repeated his belief the Federal Reserve is raising interest rates too quickly, blaming the decision on a booming economy.

"They're raising interest rates too fast," he said in the Oval Office after a Christmas Day phone call with US troops. "They think the economy is so good but I think that they will get it pretty soon, I really do."

"The fact is the economy is doing so well they're raising interest rates," he said.

Read More