Jacob Rees-Mogg has claimed market turmoil is not linked to the mini-budget in which the chancellor announced big tax cuts without the usual analysis of the economic impact.
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The business secretary said volatility was "more to do with interest rates than a minor part of fiscal policy."
He said the Bank of England had not raised rates as fast as the US.
But economists and some MPs said the plans had worried investors, pointing to the surge in borrowing costs.
Investors are often wary of putting money into countries that are increasing their debt.
And if a country raises its interest rates it means investors will get a bigger return on their money if they put it into that country's banks and assets.
After the mini-budget, the pound plunged and government borrowing costs surged.
"What has caused the effect in pension funds... is not necessarily the mini-budget. It could just as easily be the fact that the day before the Bank of England did not raise interest rates as much as the (US) Federal Reserve did," he said.
"Jumping to conclusions about causality is not meeting the BBC's requirement for impartiality" he said, after a suggestion the chancellor's actions had been the trigger for the fluctuations in the value of the pound and government bonds.
At the first PMQs since the mini-budget, Labour leader Sir Keir Starmer accused Prime Minister Liz Truss of "ducking the question" when asked whether she agreed with the business secretary.
Ms Truss said the government had taken "decisive action", adding "as a result of our action... we will see higher growth and lower inflation."
