Reuters
Steve Mnuchin Answers Questions from the Press
- Treasury Secretary Steven Mnuchin said Friday that sharp drops in financial markets have presented an opportunity for investors.
- The comments came a day after Wall Street suffered its worst session in more than three decades.
- "For long-term investors, this will be a great investment opportunity," he said.
- Visit Business Insider's homepage for more stories.
Treasury Secretary Steven Mnuchin said Friday that sharp drops in financial markets amid the coronavirus outbreak have presented an opportunity for investors, a day after Wall Street suffered its worst session in more than three decades.
"You know, I look back at people who bought stocks after the crash in 1987, people who bought stocks after the financial crisis," he said in an interview with CNBC. "For long-term investors, this will be a great investment opportunity."
Mnuchin called the spread of the respiratory illness COVID-19 a short-term issue, predicting it was likely to last "maybe a couple of months." But with no vaccine for the virus and a great deal of uncertainty around the potential scope of transmission in the US, health officials say it is unclear when it might be contained.
"We're going to get through this, and the economy will be stronger than ever," he added.
As the number of cases in the nation surpassed 1,200, financial markets continued sharp drops this week. US stocks fell by the most since the 1987 crash on Thursday, even as the Fed injected $1.5 trillion into short-term funding markets.
The White House has downplayed the human and economic threats of COVID-19, contradicting US health officials and lawmakers at times.
"You have to remember, the stock market, as an example, is still much higher than when I got here," Trump told reporters in the Oval Office on Thursday. "And it's taken a big hit, but it's going to all bounce back and it's going to bounce back very big at the right time."
