Former US Treasury Secretary under President Donald Trump Steven Mnuchin said on Wednesday that he believes the United States is already in a recession, and he believes it will continue, Reuters reported, quoted by BNR. Speaking at the Future Investment Initiatives Institute (FII) conference in Riyadh, he also said:
“I think we’re probably going to see a peak in 10-year yields at 4.5%.” “I think you’re going to see US inflation start to come under control, but it’s probably going to take a two-year period,” he added. Mnuchin also noted that the US and China must learn to coexist. He added that the economic problems of the Middle East should be solved at the regional level. Earlier this month, US President Joe Biden insisted the country was not in a recession and noted that even if it did, it “would be a very mild recession”.