Ex Treasury Secretary Steven Mnuchin Says America’s in a Recession That Will Continue for Years
Ex Treasury Secretary Steven Mnuchin Says America’s in a Recession That Will Continue for Years

By Katabella Roberts

Former U.S. Treasury Secretary Steve Mnuchin has weighed in on the recession debate, stating that he believes the United States is already in the midst of an economic downturn that will continue for the next two years.

Speaking at Saudi Arabia’s Future Investment Initiative (FII) conference in Riyadh on Wednesday, Mnuchin, who served under President Donald Trump’s administration from 2017 to 2021, said he expects 10-year Treasury yields, the most followed benchmark for interest rates, to peak at 4.5 percent.

The 10-year Treasury yield is currently at 4.067 as of 12:37 p.m. GMT on Oct. 26 after hitting its highest level since 2008 at 4.23 percent last week on the back of the Federal Reserve’s rate hikes in an attempt to bring down inflation.

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

“But you’re going to begin to see that tightening relatively regularly,” he added, referencing the Central Bank’s monetary policy. “And I think people are overestimating the Federal Reserve’s actions just as they underestimated it.”

Elsewhere, Mnuchin said that the United States and China must learn to “co-exist” while noting that the latter, which is the world’s second-largest economy, is set to experience a significant slowdown that will have a knock-on effect on the rest of the world.

China’s Slowdown Will Impact World Economy

“Clearly China is going to have a significant slowdown and that will have an impact on the world economy,” said Mnuchin. “Things are going to get worse before they get better.”

The former treasury secretary, who is now managing partner at the private equity investment firm, Liberty Strategic Capital, also said he believes that economic issues in the Middle East should be dealt with regionally.

Numerous experts have in recent months stated that the United States is in a recession after the economy contracted for two consecutive quarters this year. The Biden administration has continued to insist that the economy is strong enough to avoid one.

Mnuchin’s comments differ from those of Secretary of the Treasury Janet Yellen, who on Monday said she expects inflationary pressures to ease “over the next year or two,” although she stressed that she is “not positive” that cost of living crisis will not get worse before it gets better.

“I don’t want to forecast month-by-month inflation numbers,” Yellen told NBC News. “The most recent data suggest we still have inflation that’s unacceptably high, but there are good indications earlier in the pipeline that inflation will come down.”

“I have confidence that inflation will come down over the next year or two, so I believe that what the Federal Reserve is doing will work,” she added.

Affiliate News Feeds

  • Reuters
  • Washington Examiner
  • The Federalist
  • The Epoch Times
  • The Guardian
  • The Gateway Pundit
  • Judicial Watch

By Hans Mahncke News Analysis Late on Dec. 2, Elon Musk started the process of releasing thousands of internal Twitter emails. Musk, whose purchase of Twitter was completed on Oct. 28, had previously announced… [...]

By Naveen Athrappully France is banning short-haul domestic flights when there is a regular and frequent train option that takes less than two and a half hours, after a 2021 climate law, No… [...]

By Katabella Roberts House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on Fox Business Network’s “Sunday… [...]

California lawmakers are once again poised to introduce legislation to tax Big Oil despite public backlash over a similar move earlier this year. [...]

The Supreme Court heard oral arguments Monday in a case about whether a custom webpage designer who disagrees with LGBT marriage can refuse to create a website for a same-sex… [...]

President Joe Biden is considering the idea of removing the COVID-19 vaccination mandate for U.S. service members, though he backs Defense Secretary Lloyd Austin’s continued support for the measure. [...]

Even corrupt corporate media are willing to acknowledge the risk of nuclear war is 'now a daily issue for the Biden administration.' [...]

A legal rep for the Loudoun County School Board engaged in witness tampering during an investigation into an alleged sexual assault. [...]

The attack on Lorie Smith is both authoritarian and unconstitutional. [...]

A recently discovered filing in a court case relating to Big Tech censorship revealed that the office of Arizona Secretary of State Katie Hobbs coordinated with Twitter to censor election… [...]

The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos… [...]

To some, it’s an arcane discussion among constitutional scholars that reads like cement. To others, it’s a brazen grab for “runaway legislative power” by state lawmakers who say the U.S.… [...]

Labour-endorsed study finds initiative would save families thousands of pounds, cut benefits spending and raise tax revenuesFree universal preschool childcare and more funding for after-school clubs could increase government revenues… [...]

Union recommends members reject latest offer and adds 24-27 December strike but drops overtime ban Hopes of a deal to avert severe Christmas rail disruption were dashed on Monday night… [...]

PM caves in as up to 100 Tory MPs threaten to rebel, leading Labour to accuse him of putting party before countryRishi Sunak is to drop compulsory housebuilding targets to… [...]

Kari Lake told Tucker Carlson on Monday night following the 2020 Arizona midterm election for governor that was awarded to Katie Hobbs. Previously, Tucker Carlson told Kari Lake that the… [...]

Dr. Simone Gold, President and Chairman of America’s Frontline Doctors, wrote a letter to Elon Musk on Monday, asking to be included in a team of medical experts who will… [...]

The Gateway Pundit reported on thermal drone video showing a massive group of illegal aliens marching like soldiers and illegally crossing into private property into Eagle Pass, Texas one day after Chuck… [...]

Top Headlines of the Week Press Releases Judicial Watch: Secret Service Has Repeatedly Changed Story on Existence of Hunter Biden Gun Records Judicial Watch announced recently that the United States… [...]

From The European Conservative: In recent days, we have seen news reports proclaiming the Ukrainian victory along the western bank of the Dnipro River in the city of Kherson. These… [...]

Secret Service Repeatedly Changes Its Story on Hunter Biden Gun Records What is the Secret Service Hiding about Biden Raid on Trump’s Home? Judicial Watch Sues to Find Out! Judicial… [...]

USNN2020

USNN World News (USNN) USNN World News Corporation is a media company consisting of a series of sites specializing in the collection, publication and distribution of public opinion information, local,...