Former Treasury Secretary Steven Mnuchin expressed confidence that the U.S. economy is not headed for a recession, suggesting that market reactions to the current administration's policies are exaggerated. Speaking on CNBC's "Squawk Box," he highlighted a healthy market correction rather than a sign of economic trouble. His comments come amid rising market volatility and a decline in consumer confidence, with fears further fueled by tariff concerns under President Trump's leadership. Although currently leading Liberty Strategic Capital, Mnuchin's previous role as a stabilizing figure in Trump's first term evokes nostalgia in some observers.
"I don't think the outlook looks like we're going to have a recession," said Mnuchin on CNBC's "Squawk Box" when addressing recession fears and the recent stock market decline.
Mnuchin is now running Liberty Strategic Capital and said he won't be joining Trump's cabinet again, but the current recession scare over Trump 2.0 may be making people nostalgic for him.
His comments come amid growing concerns over trade tensions and economic uncertainty brought on by President Donald Trump's shifting tariff policy.
Over the past two months, confidence has declined among consumers and small business owners, while the Federal Reserve Bank of Atlanta's GDPNow tracker predicts a contraction in the first quarter.
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