Treasury Secretary Steven Mnuchin said Thursday the stock market's plunge after the rate hike announced by Federal Reserve Chairman Jerome Powell was "completely overblown."
The major indexes reached new lows for the year following the Fed's decision, with the Dow falling more than 350 points.
Mnuchin's comments came during an interview on Fox Business. The Dow Jones Industrial Average, which was down before Mnuchin's interview, fell further following his comments, sinking more than 350 points on the day. The Dow has lost more than 1000 points this week.
Mnuchin said it would be inappropriate for him to say whether he believed the Fed made the right decision by raising its benchmark interest rate a quarter point. But he said that the market was "disappointed" in Powell's comments and "overreacted" to the news.