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Mnuchin calls coronavirus pandemic 'a great investment opportunity'

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Mnuchin calls coronavirus pandemic 'a great investment opportunity'

"This is a short-term issue. It may be a couple of months, but we're going to get through this, and the economy will be stronger than ever," the Treasury secretary said.

By QUINT FORGEY

03/13/2020 11:15 AM EDT

Treasury Secretary Steven Mnuchin argued Friday that the coronavirus pandemic presents "a great investment opportunity," insisting that global markets spooked by the public health crisis will rebound eventually.

"This is a short-term issue. It may be a couple of months, but we're going to get through this, and the economy will be stronger than ever," Mnuchin told CNBC in an interview.

"You know, I look back at people who bought stocks after the crash in 1987, people who bought stocks after the financial crisis," he continued. "For long-term investors, this will be a great investment opportunity."

Despite the secretary's optimism, international anxiety over the coronavirus has provoked a historically negative reaction in recent days from Wall Street, alarmed at least in part by President Donald Trump's management of the mushrooming outbreak.

Following the president's prime-time address to the nation Wednesday evening, during which he announceda 30-day ban on foreign visitors from most of Europe, panicked investors triggered a marketwide trading halt for the second time this week and only the third time in history.

But Trump asserted Thursday that drastic measures to protect American lives justified any potential economic downturn and offered rosy predictions of a market recovery.

"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," he told reporters at the White House.

Mnuchin's remarks Friday echoed a similar assessment made last week by White House economic adviser Larry Kudlow, who urged investors to capitalize on the faltering stock market amid coronavirus fears.

"Long-term investors should think seriously about buying these dips," he told.CNBC, describing the state of the U.S. economy as "sound."

FILED UNDER: STEVEN MNUCHIN, CORONAVIRUS

https://www.politico.com/news/2020/03/13/mnuchin-coronavirus-investment-opportunity-128132
 
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