Mnuchin says Fed independence is important globally

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says that the Federal Reserve's independence is important globally, while refusing to comment on President Donald Trump's latest attack on the Fed.

Mnuchin was asked about Trump's tweet Sunday that if the Fed had done its job properly, the stock market would be 5,000 to 10,000 points higher and overall growth would have been "well over" 4% last year instead of 3%.

Interviewed by Fox Business, Mnuchn said, "In my role as secretary, it is inappropriate for me to comment. I do think that the Fed independence is something that the world looks to and I think that the dollar being the reserve currency is very important."

The dollar's standing as a reserve currency used by other nations brings significant economic advantages.