Former United States Treasury Secretary Steven Mnuchin stated the US was in a recession and predicted it would continue, speaking at Saudi Arabia’s Future Investment Initiative conference in Riyadh on Wednesday.
Mnuchin estimated that 10-year rates would probably peak at 4.5%, and added: "I think you are going to see inflation in the US begin to come under control, it will probably be a two-year period." He also underlined that the US and China must learn to co-exist.
Earlier, US President Joe Biden insisted that the country is not in a recession and claimed that, even if it does enter one, "it will be a very slight recession."
