Responding to ABC News Chief White House Correspondent Jonathan Karl on whether there will be a recession, Treasury Secretary Steven Mnuchin said, “I don’t think so. The real issue is not the economic situation today. … This is a unique situation. We are going to have a slowdown. Later in the year economic activity will pick up as we confront this virus.”
On Sunday, just days after negotiating a bipartisan coronavirus relief bill with House Democrats, he added, “The stock market is gonna go up, it’s gonna go down, we can’t focus on every day.”
The coronavirus relief bill secured passage in the House of Representatives on Friday. The economic aid package designed to help ease the financial pain of the COVID-19 pandemic, will be considered by the Senate on Monday.
“I believe the vast majority of Senators in both parties will agree we should act swiftly to secure relief for American workers, families, and small businesses,” Senate Majority Leader Mitch McConnell said in a statement.
Trump tweeted his support of the measure on Friday ahead of the House vote.
A member of the administration’s coronavirus task force, Mnuchin told ABC News Chief White House Correspondent Jonathan Karl on Sunday, “We will use whatever tools we need to make sure the economy and hardworking Americans get through this.”
The treasury secretary spoke to Karl after a tumultuous week in the financial markets where the Dow Jones plunged 10% on Thursday, its worst close since 1987.
The Dow Jones rallied on Friday, gaining nearly 2,000 points.
This is a developing news story. Please check back for updates.