Asked on Boxing Day if Fed chairman Jerome Powell's job was safe, economic advisor Kevin Hassett said to reporters: "Yes, of course, 100 per cent".
Some investors have also closely followed the rumours Trump that had privately talked about whether he could dismiss Powell, after appointing him last February. "That's correct", reports Efe.
"They're raising interest rates too fast because they think the economy is so good but I think that they will get it pretty soon, I really do", Trump said.
The Dow Jones Industrial Average continued its month long slump Monday, dropping another several hundred points in the stock market's opening hours.
His comments came after Asian markets suffered a holiday rout, with Tokyo suffering its worst finish since April 2017 after a brutal run on Wall Street that saw USA stocks sink for a fourth straight session.
In addition, some 25 per cent of the United States government has been shut down since midnight on Friday due to disagreement about approving funds to build Trump's much-touted wall along the border with Mexico and the government could remain without much of its funding into 2019 because of the difficulty of reaching agreement among congressional Republicans, Democrats and Trump.
The Dow Jones Industrial Average ended pre-holiday trading down almost 3 percent and the S&P 500 finished the day 2.7 percent lower.
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The high temperature is forecast to be 14 degrees on Saturday before bouncing back to the upper 20s on Sunday and Monday. Strong winds and blowing snow will also limit visibility, both in the mountains and across the eastern plains.
"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing", said Jaret Seiberg, an analyst with Cowen Washington Research Group, in a note.
Over the weekend, Treasury Secretary Steven Mnuchin set off market anxiety after he sought to reassure investors about the partial shutdown with a statement saying that major banks have "ample liquidity".
Investors have been forced to trade choppily since later September, mainly due to uncertainty surrounding the trade war between the US and China, along with the Fed's decision to increase raise interest rates. We are absolutely committed to that mission and nothing will deter us from doing what we think is the right thing to do.
Far from calming the markets, the moves seemed to exacerbate Wall Street concerns. Yet, while he was in Cabo, the Treasury Department sent out a statement about Mnuchin's calls with top bank CEOs that caused unease on Wall Street. With the U.S. now showing signs of sluggishness, investors fear they could be spillover effects on the broader global economy.
With stocks on track for their worst December since the Great Depression, Mr Trump has regularly berated the Fed for its stewardship of the economy.
The president on Christmas Day once again criticized Powell's interest rate hikes but was noncommittal about whether he has confidence in the Fed chairman.