“Yes, of course, 100 percent,” Kevin Hassett, chairman of White House Council of Economic Advisers, said when asked whether Federal Reserve Chairman Jerome Powell’s job was safe. | Alex Wong/Getty Images Economy W.H. economic adviser reassures on Powell, Mnuchin job security as markets soar

A top White House economic adviser on Wednesday tried to allay concerns that Federal Reserve Chairman Jerome Powell could be ousted, as President Donald Trump’s furor over the head of the central bank has grown.

“Yes, of course, 100 percent,” Kevin Hassett, chairman of White House Council of Economic Advisers, told reporters when asked whether Powell’s job was safe. “Absolutely.”


Asked whether the Fed was to blame for recent volatility in the markets, as Trump has said in tweets and separate comments, Hassett distanced himself from the conversation. “My job at CEA is to respect the independence of the Fed and not comment on monetary policy,” he said.

Hassett, in an appearance on the Fox Business Network, also sounded sure about Treasury Secretary Steven Mnuchin’s job security, as reports swirl over Mnuchin’s standing in the Trump administration.

“I am highly confident that the president is very happy with Secretary Mnuchin,” Hassett said on Fox Business’ “Varney & Co.” on Wednesday.

Morning Money Political intelligence on Washington and Wall Street — weekday mornings, in your inbox. Email Sign Up By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Hassett added that any reports that the president is unhappy with Mnuchin were “just false.”

The public backing of Powell and Mnuchin comes after the Treasury chief made a call to CEOs of major banks on Sunday, just two days before Christmas, to discuss the stability of the financial market. On Monday, markets plunged .

Stock markets roared back on Wednesday as the Dow Jones Industrial Average rocketed up more than 1,000 points, or almost 5 percent. The tech-heavy Nasdaq index jumped 5.8 percent, reversing a four-day sell-off. Still, the sharp stock market sell-off in December has wiped out gains for 2018.

“It’s extremely normal for the Treasury secretary to keep his finger on the pulse of the financial markets,” Hassett said.

Patrick Temple-West contributed to this report.