(J. Scott Applewhite/AP)The administration’s target of 3 percent economic growth is “very achievable” because tax reform, regulatory relief and cuts to banking regulation that encourage lending will boost growth, Treasury Secretary Steven Mnuchin said Thursday morning in his first televised interview since taking office last week. In an interview on CNBC’s “Squawk Box,” Mnuchin said the policy changes would not likely begin to translate into economic growth until the end of next year. Many economists are projecting lower rates of economic growth than the administration. In December, the Federal Reserve estimated longer-run growth rates of 1.8 percent, while the Congressional Budget Office, a nonpartisan group, projected growth rates of 2.3 percent for 2017, falling to 1.9 percent in the longer run. Mnuchin said that he “absolutely” viewed the stock market rally as a reflection on the Trump administration.

Source: Washington Post February 23, 2017 13:27 UTC