Former Treasury Secretary Steve Mnuchin said he disagreed with analysts warning about a potential economic slowdown, saying he believes “people are overreacting a bit” to the new Trump administration's policy changes.
“I don't think anyone should see the natural and healthy revisions of these indexes as an indication that the economy is in trouble.” He said Wedsday On CNBC's “Squawk Box.”
President Trump's escalating trade tensions and vibrational policies with Canada, Mexico and China have recently sent stock markets up and sent out, with the Labor Department on Wednesday reporting that consumer prices were inscribed during Trump's first inauguration month. The economist has expressed concern about the possibility of a recession, but Munuchin said he disagrees.
“I don't think we'll have a recession,” he said.
Trump denied the country's economic outlook and downplayed the recession on Sunday.
Mnuchin, who served most of Trump's first term and now in the private sector, said he prefers to see the long-term market rather than his daily activities.
“I've always said that I'm focusing on the stock market. “And I think the long term stock market is a great parameter of the economy.”
He said Munuchin sees similarities in Trump's economic policy today compared to his previous period.
“The focus on his economic issues is tax cuts, regulatory relief, trade, and I think that's what we're seeing in today's markets, as I've believed that the president always has tariffs,” he said.
