Morgan intimated on Thursday he was disappointed with Wolves' current plight, and that McCarthy was under pressure, although he insisted they were not a "hire and fire club."
McCarthy is comfortable with Morgan's comments but admits Wolves need to improve during the second half of the campaign as they sit one point above the drop zone.
He said: "I heard the audio from Steve's interview yesterday and I am cool with it, and fine.
"Steve is, and continues to be terrific. There was no glowing praise when we got promoted or stayed up or when we are doing well and there is never any criticism.
"We are both straight with one another. You know full well I am like that and Steve is very much the same.
"But regardless of what anyone else has said. I think it is unacceptable where we are.
"I don't think we should be where we are. I think we should have more points.
"If that is anyone else's opinion, they are only agreeing with me. No problem."
The spotlight has been on McCarthy after fellow strugglers Sunderland and QPR recently sacked Steve Bruce and Neil Warnock respectively.
But McCarthy said: "I wasn't aware the pressure was seeping my way. I just think you guys are trying to divert it.
"Someone has blocked the dam at QPR and is trying to force it up the road to Wolves.
"That is nonsense. I put myself under pressure. We are scrapping away and that's the way we are going to be all the time.
"We had a great start (seven points from three games) and we all hoped for better and I'm still hoping for better this time."