Steve Mnuchin might regret saying the Trump administration should be judged on the market, CIO says

Treasury Secretary Steven Mnuchin's comments that his department's role in the economy is a "mark-to-market business" may come back to bite him, Bessemer Trust's Rebecca Patterson said Friday.

"I understand what he was trying to get at, I think — that when the market is rallying and a lot of it appears to be on the back of hopes for certain policies that are going to support growth, great," Patterson told CNBC's "Squawk Box."

"But I think he might regret saying those words," she said.

Patterson, chief investment officer at Bessemer, said that any Treasury secretary's words hold weight, referencing Clinton Treasury Secretary Robert Rubin's dogma that having a strong dollar is in the United States' best interests.

Mark to market is defined as a system that values assets based on their most recent market price. Patterson said Mnuchin's message was one that blurred the line between federal policy and direct market influence.

"Now, if the market goes down, is it because of White House policies, administration policies, or something else? So you live by the sword, you die by the sword," Patterson said.

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