'You’re going to see the economy really bounce back in July, August and September,” Treasury Secretary Steve Mnuchin says.
The U.S. economy will start to recover in the third quarter after a period of reopening in May and June, Treasury Secretary Steven Mnuchin said Sunday.
Mnuchin noted his forecast is based on assumptions about how the pandemic proceeds. Reopening will have to be balanced with increased testing, he said.Billionaire Barry Diller, the chairman of Expedia Group, EXPE, +5.05% scoffed at suggestions the economy would recover this summer. “That actually provides some hope that, as the economy opens up in pieces and safely, you’ll see that consumer spending continue to grow which will help fuel the U.S. economy,” Moynihan said.The Bank of America CEO noted that Diller was in the entertainment business, where the outlook was more depressed.
Senior Republicans in Congress, including Senate Majority Leader Mitch McConnell, are reluctant to provide aid to states while Democrats, led by Speaker of the House Nancy Pelosi, have called it their top priority.State aid “will be something the Senate and House debate. It will be something we discuss on a bipartisan basis. The president has heard from governors. He wants to speak to governors. This is something we will consider,” Mnuchin said.
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