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Ex-treasury secretary Mnuchin says US in recession, will continue

Wednesday, 26 October 2022 10:03 AM [ Last Update: Wednesday, 26 October 2022 10:03 AM ]

US Treasury Secretary Steve Mnuchin testifies before a House Financial Services Committee at a hearing on oversight of the Treasury Department's and Federal Reserve's coronavirus disease (COVID-19) pandemic response on Capitol Hill in Washington, the US, on September 22, 2020.(File photo by 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.

(Source:Reuters)

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