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10/12, 1:14 PM (Source: TeleTrader.com)
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Mnuchin: Shares selloff was 'natural correction'

United States Secretary of the Treasury Steven Mnuchin said on Friday in an interview to CNBC that the recent selloff of shares on Wall Street was a "natural correction" and a "good thing." In his view, the latest decline was a cyclical correction as there is no new information coming from the Federal Reserve, nor are there new developments in trade.

Mnuchin added that we're seeing a "normalization in the yield curve" with a high demand for American treasuries and securities. Regardless of President Donald Trump's recent criticism of the Fed, he explained, he respects the independence of the central bank. Trump's treasurer stated himself that "Jerome [Powell, Fed chairman] is doing a good job."

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