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Ex-US Treasury Sec.: No Recession for US Econ; US Stock Pullback Justifiable
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Former U.S. Treasury Secretary Steven Mnuchin dismissed concerns of an impending U.S. economic recession, suggesting that the current stock market downswing is merely an adjustment in a highly valued market reacting to President Donald Trump’s aggressive trade policies. He noted that a 5-10% pullback in the S&P 500 or Nasdaq would be justifiable. Overnight (13th), Trump’s threat to impose a 200% tariff on French champagne and EU spirits rattled markets, with the DJIA closing down 537 points, or 1.3%, at 40,813. The Nasdaq cratered 345 points, or 2%, to 17,303, while the S&P 500 dropped 77 points, or 1.4%, to 5,521, down 10% from its peak, entering technical correction territory. Mnuchin acknowledged that prior market gains were driven by massive investments in tech firms, particularly in AI, making some pullback natural. However, he urged investors not to overreact, asserting that the U.S. economy is fundamentally not heading into a recession. AAStocks Financial News |
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