Steven Mnuchin: Stocks still up '30% since the election'

The crazy stock market isn't dampening Treasury Secretary Steven Mnuchin confidence in the nation's economy."I...

Posted: Feb 6, 2018 8:25 PM
Updated: Feb 6, 2018 8:25 PM

The crazy stock market isn't dampening Treasury Secretary Steven Mnuchin confidence in the nation's economy.

"I'm not overly concerned about the market volatility," Mnuchin said on Capitol Hill Tuesday, as he momentarily checked his phone to relay to lawmakers that the Dow was "now up 187 points."

The global market selloff -- the largest decline in the last six-and-half years -- was portrayed by House Republicans as an overdue "technical correction" that didn't signal underlying weakness in the U.S. economy.

"How ironic, but totally predictable, that equity markets would now swoon over the prospects of higher interest rates and possible inflation associated with a breakout of economic growth," said Rep. Jeb Hensarling, the Republican chairman of the House Financial Services Committee. "Artificially low interest rates may have benefited some on Wall Street but they haven't been particularly helpful to Main Street."

Related: Global stocks plunge after Wall Street bloodbath

The U.S. economy is getting stronger. Economic growth is at 3% -- again. The unemployment rate is at a 17-year low. And Americans wages are finally on the rise.

"I think the fundamentals are quite strong," Mnuchin said.

Ahead of Tuesday's hearing, Mnuchin said he spoke to market players to ensure that traders and other companies that keep the markets running were ready for action. "I'm happy to report that I have the green lights," he said.

He added, "We continue to believe in the long-term impact on the stock market."

Related: Jerome Powell's big test: Raise rates and avoid a recession

When asked whether the Trump administration would take responsibility for the recent market downturn, Mnuchin said "we'll still claim credit that it's up more than 30% since the election."

Trump has repeatedly touted stock market rallies throughout the 13 months of his presidency, but has said little about the recent downturn.

The stock market dip follows months of record highs, but still leaves the Dow at a significantly higher level than it was when Trump took office.

On Monday, White House deputy press secretary Raj Shah said that "markets do fluctuate in the short term, I think we all know that. But the fundamentals of this economy are very strong."

--CNN's Jeremy Diamond contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 118587

Reported Deaths: 3310
CountyConfirmedDeaths
Hinds8050179
DeSoto728580
Harrison549185
Jackson480088
Rankin404686
Madison386194
Lee366582
Forrest311878
Jones296684
Washington2627100
Lafayette255043
Lauderdale2546135
Lamar231940
Oktibbeha204855
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Neshoba1868111
Lowndes181962
Panola172040
Leflore170688
Sunflower164349
Warren156156
Monroe153873
Pontotoc150620
Marshall148430
Lincoln143359
Pike140656
Copiah139336
Scott127029
Coahoma125837
Union125825
Yazoo123434
Simpson123149
Grenada122939
Tate121039
Itawamba117226
Leake116342
Pearl River116360
Holmes115060
Adams109445
Prentiss109220
Alcorn104512
Wayne102722
George101719
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Marion95943
Tippah94924
Newton87227
Hancock86828
Chickasaw86727
Tallahatchie85526
Winston85221
Tishomingo82741
Attala80527
Clarke77053
Clay71022
Jasper69617
Walthall64427
Calhoun63313
Noxubee60217
Smith60216
Yalobusha56416
Montgomery55823
Lawrence54414
Claiborne53916
Tunica53717
Perry52423
Carroll50312
Stone49114
Greene48118
Humphreys45117
Amite42813
Quitman4236
Jefferson Davis42112
Webster37813
Benton36710
Wilkinson34221
Kemper33315
Sharkey28715
Jefferson27910
Franklin2513
Choctaw2096
Issaquena1074
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 161537

Reported Deaths: 2718
CountyConfirmedDeaths
Jefferson23769383
Mobile17039318
Tuscaloosa10539141
Montgomery10435199
Madison946798
Shelby756365
Baldwin674369
Lee662465
Calhoun468962
Marshall445251
Etowah436552
Morgan426335
Houston421234
DeKalb351229
Elmore326558
St. Clair307042
Limestone295131
Walker285593
Talladega273937
Cullman260025
Lauderdale237143
Jackson221917
Autauga210331
Colbert208232
Franklin207732
Blount198825
Russell19763
Chilton190932
Dallas188127
Coffee182611
Dale180852
Covington176729
Escambia175331
Clarke138017
Chambers137047
Pike135514
Tallapoosa135387
Marion110331
Barbour10459
Marengo103522
Butler101541
Winston94313
Geneva9357
Lawrence87733
Pickens87418
Bibb85615
Randolph84316
Hale78030
Cherokee76114
Clay75812
Washington75412
Henry7286
Lowndes71728
Monroe66010
Bullock65017
Crenshaw61130
Perry5966
Fayette59413
Cleburne5779
Wilcox57112
Conecuh56513
Macon54120
Lamar5165
Sumter47721
Choctaw39412
Greene34616
Coosa2143
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