Ex treasury secretary Mnuchin says U.S. in recession, will continue

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House Financial Services Committee hearing on oversight of the Treasury Department's and Federal Reserve's coronavirus disease (COVID-19) pandemic response on Capitol Hill in Washington

RIYADH (Reuters) – Former U.S. treasury secretary Steve Mnuchin said on Wednesday he believed the United States was in a recession and said this would continue.

Speaking at Riyadh’s flagship investment conference FII, he said: “I think we’ll probably see a peak of 4.5% 10-year rates.”

“I think you are going to see inflation in the U.S. begin to come under control, it will probably be a two-year period,” he added.

He said the U.S. and China must learn to co-exist. He added that the Middle East’s economic issues need to be dealt with regionally.

(Reporting by Aziz El Yaakoubi and Rachna Uppal in Riyadh and Ghaida Ghantous in Dubai; Writing by Yousef Saba, Editing by William Maclean)

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