Treasury Secretary Mnuchin says market reaction to rate hike ‘overblown’

Al Drago | Bloomberg | Getty Images

Steven Mnuchin, U.S. Treasury secretary, speaks during a Financial Stability Oversight Council (FSOC) meeting at the U.S. Treasury in Washington, D.C.

Treasury Secretary Steven Mnuchin on Thursday said that the stock market’s plunge after the rate hike announced by Federal Reserve Chairman Jerome Powell Wednesday was “completely overblown.”

Mnuchin’s comments came during an interview on Fox Business. The Dow Jones Industrial Average, which was down before Mnuchin’s interview, fell further following the official’s comments and was last down more than 400 points.

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