Trump says he's confident in Mnuchin, but Fed is raising rates too fast

"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.

Trump said he remained confident in American firms, and indicated investors should not fear the markets.

"I have great confidence in our companies. They're doing very well," he said. "I think its a tremendous opportunity to buy. Really a great opportunity to buy."

This is a breaking story and will be updated.

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