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Mnuchin works the phones to ward off fears on Trump and the Fed

Treasury Secretary Steven Mnuchin confirmed in a statement that he spent much of Sunday speaking to bank executives about liquidity in the market, which followed a CNN report that he reassured them Trump doesn't plan on firing Fed chair Jerome Powell.

Why it matters: It's unclear Trump would have the legal authority to take such action. Such a move would also undermine international faith in the Fed.