Trump reportedly sours on Treasury Secretary Steven Mnuchin as markets jitter

Federal Reserve Chairman Jerome Powell is reportedly safe for now from President Trump's wrath — White House budget chief Mick Mulvaney said Sunday that Trump knows he "doesn't have the ability" to ax Powell — but that doesn't mean heads aren't on the chopping block over the sliding stock market. Following the worst week for U.S. markets in a decade, Trump's relationship with Treasury Secretary Steven Mnuchin has soured, The Washington Post reports:

Trump, who has loved to boast about the markets' performance under his administration, reportedly frets that Powell "is going to make him a one-term president," one senior administration official said. Another adviser said Trump is mad at Mnuchin "because Powell was his pick. And he thinks Mnuchin is doing a bad job on the economy."

Stocks fell again Monday during a shortened Christmas Eve session after Mnuchin made calls to six of America's largest banks, assuring that "markets continue to function properly." The call was seen by many as troubling, with Cowen & Co. analyst Jaret Seiberg telling clients: "Not only did he consult with the biggest banks, but he is talking to all of the financial regulators on Christmas Eve. We do not see this type of announcement as constructive."

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Trump has faced heavy turnover in his Cabinet in recent months, including last week's announcement of the departure of Secretary of Defense James Mattis.