Former Treasury Secretary Steven Mnuchin believes that people are overreacting to policy changes by the current Trump administration, and he does not foresee an imminent economic slowdown or recession in the United States. Despite escalating trade tensions and job cuts, most Wall Street economists are still forecasting modest growth, with only the Federal Reserve Bank of Atlanta’s GDPNow tracker projecting a contraction in the first quarter. Mnuchin also addressed the recent stock market pullback, stating that it is a natural correction from high levels and should not be seen as a sign of economic trouble. He emphasized that he did not focus on daily stock market movements during his time in the Treasury Department but viewed them as a long-term indicator. Mnuchin, known for his role in guiding economic support plans during the Covid-19 pandemic, is currently running the investment firm Liberty Strategic Capital. Despite recent market fluctuations, President Trump has claimed he is not paying attention to the stock market.
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