U.S. Treasury Secretary Steven Mnuchin speaks to reporters about coronavirus and its effect on the economy at the White House in Washington, U.S. Photo: REUTERSUS Treasury Secretary Steven Mnuchin yesterday said he does not expect the coronavirus to tip the world's largest economy into a recession. "Later in the year, obviously the economic activity will pick up as we confront this virus," he said on ABC's 'This Week'. "I expect we'll have a big rebound later in the year," he said on 'Fox News Sunday'. Mr Mnuchin spoke as many businesses in the US and around the world grind to a halt in response to the fast-spreading virus. Major stock indexes have entered a bear market, ending an 11-year run that began under President Donald Trump's predecessor, Barack Obama.

Source: Irish Independent March 16, 2020 02:26 UTC