Washington (CNN) Treasury Secretary Steve Mnuchin is the latest member of Donald Trump's Cabinet to be the focus of the President's ire, the Wall Street Journal reported Friday, citing people familiar with the matter.

Trump is blaming Mnuchin for the recently volatile markets and the Federal Reserve's decisions to raise interest rates, those people told The Wall Street Journal.

The Fed has been gradually raising rates for three years -- a move to restore levels following the financial crisis. However, Trump has been vocally opposed to the Fed's raises and has called the central bank his "biggest threat." People close to the White House told the Journal that Trump chose Jerome Powell to run the Fed in part on Mnuchin's recommendation.

According to The Wall Street Journal's report, Trump has been concerned that rising interest rates will stunt economic progress ahead of the 2020 election.

The paper also reported that Trump has blamed Mnuchin for the market's latest turbulence.

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