Mnuchin: economic consequences of coronavirus will be short-term

According to the Finance Minister, the negative consequences will be felt for several months, and the US economy will recover by the end of this year.

The impact of the coronavirus outbreak on the American economy will have short-term consequences. Treasury Secretary Steven Mnuchin said this on Friday morning in an interview with CNBC.
According to Mnuchin, the Trump administration is considering any options that may be required soon to alleviate the economic consequences caused by the outbreak.

Mnuchin said that the Treasury Department and the Federal Reserve are working to maintain markets by providing “unlimited liquidity.” He also noted that negotiations with Democrats in the House of Representatives on a set of economic measures are going in the right direction.

“We will consider each tool,” the Minister stressed.

According to Mnuchin, the consequences of the coronavirus outbreak will be short-term, the economy will feel the negative effect “maybe for a couple of months.”

The Finance Minister added that the administration, among other things, is considering freezing the payment of Federal student loans and exempting certain types of fees for companies affected by the virus outbreak.

According to Mnuchin, a significant recovery in the US economy is expected by the end of this year.

Google News button