Former Finance Minister Steven Mnuchin said on Wednesday that he believed that “people respond a little” to changes in politics from the current Trump administration.
Mnuchin, who served in the president Donald TrumpThe cabinet is on duty during the Republican first term, he told CNBC “Box“Not to see the signs of the immediate slowdown of the American economy.
“I don’t think we will have a recession. I don’t think the chances don’t look like we’ll have a recession. And Larry Summers, saying there’s 50% likelihood, I just disagree with that,” Mnuchin said, calling Recent comment from the other ex -head of treasury.
The first few months of Trump’s second term is marked by escalating trade tensions between the USA of his main trading partners of Canada, Mexico and China. The White House has repeatedly announced and then released tariffs. The federal government also reduced jobs. These factors seem to have contributed to the recent decline in the consumer confidence survey and the owner of small businesses.
Federal Atlanta Bank Following Bdpnow Currently, projects that the American economy will arrange in the first quarter. However, this projection is extraordinary than most economists on Wall Street who generally predict modest growth.
Mnuchin was also engaged in a recent retreat on the stock market, pointing out that the fall came from high levels. On Tuesday, S & P 500 closed 9.4% below the records of high and heavy heavy Nasdaq composite Closed 13.7% of its high water.
“I don’t think anyone should look at what is a natural, healthy correction of these indexes as indicates that the economy is in need,” he said.
Mnuchin, former executive director of Goldman Sachs, considered a stable presence in the first Trump administration and was one of the main architects of economic support plans during the Coid-19 pandemia.
He said on Wednesday that he did not focus on the daily moves on the stock market when he led the Ministry of Finance, but looked at them as a good “barometer” in the long run. Trump has said in recent days that he is not paying attention to the stock market.
Ever since he abandoned his duty, Mnuchin manages the investment company Liberty Strategic Capital.
