US Treasury Sec. Mnuchin: Economy to rebound in Q3 2020 amid business reopenings

The US economy is likely to rebound in the third quarter, brushing away the devastating effects of the coronavirus pandemic, said US Treasury Secretary Steve Mnuchin in an interview with Fox News Sunday.

Key quotes

“I think as we begin to reopen the economy in May and June, you’re going to see the economy really bounce back in July, August, September.” 

“We are putting an unprecedented amount of fiscal relief into the economy. You’re seeing trillions of dollars that’s making its way into the economy and I think this is going to have a significant impact.”

“We’ve never seen anything like this. … This is a scenario where we’ve closed the economy, and we’re going to open the economy so all these models are based upon health assumptions on how quickly we reopen. My own opinion is again we have unprecedented amount of liquidity in the system.” 

“To me, it’s not a matter of how long it lasts. Actually, I think the sooner the money is dispersed, the better. So the first round impacted about 30 million workers. I think this round will be about the same, that’ll be close to 50 percent of the private workforce.”

“So I actually hope we run out of money quickly, so we can get the money into the workers’ pockets.”

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