Stephen Mnuchin says “people react a little to Trump’s politics

Former finance minister Stephen Mnuchin said he believed on Wednesday that “people respond a little to changes in politics from the current Trump administration.

Mnuchin who served in the president Donald Trump“The Cabinet of Ministers told CNBC during the first term as Republicans”Box for Squawk“What he does not see the signs of a quick slowdown for the US economy.

“I don’t think we will have a recession. Last comment from another former head of the Treasury.

The first few months of Trump’s second term were marked by escalation of trade tensions between the US and its main trading partners Canada, Mexico and China. The White House repeatedly proclaimed and then Jogged tariffs on the back. The federal government also reduced its work. These factors seem to have contributed to the recent decrease in consumers and small business owners.

Federal Reserve Bank Atlanta GDPNOW Tracker Currently, projects that the US economy will contract in the first quarter. However, this projection is an alien relative to most economists on Wall Rate, who tend to predict modest growth.

Mnuchin also appealed to the recent stock market retreat, emphasizing that the decline occurred from a high level. On Tuesday, S&P 500 closed by 9.4% below record high and technological heavy Nasdaq Composite 13.7% of high water discounts closed.

“I don’t think anyone should look at the natural, healthy correction of these indexes, which indicates that the economy is in trouble,” he said.

Mnuchin, the former head of the Goldman Sachs, was widely considered as a sustainable presence in the first Trump administration and was one of the main architects of economic support plans during the Covid-19 pandemic.

He stated on Wednesday that he did not focus on the everyday movements of the stock market when he ruled the Treasury, but viewed them as a good “barometer” for the long term. In recent days, Trump has said he did not pay attention to the stock market.

Since his departure, Mnuchin has ruled the Investment firm Liberty Strate capital.