Ex Treasury Secretary Steven Mnuchin Says America’s in a Recession That Will Continue for Years

U.S. Treasury Secretary Steve Mnuchin speaks to the media after meeting with the U.S. Senate Minority Leader and House Speaker on coronavirus relief at the U.S. Capitol in Washington, on Aug. 7, 2020. Mandel Ngan/AFP via Getty Images

Former U.S. Treasury Secretary Steve Mnuchin has weighed in on the recession debate, stating that he believes the United States is already in the midst of an economic downturn that will continue for the next two years.

Speaking at Saudi Arabia’s Future Investment Initiative (FII) conference in Riyadh on Wednesday, Mnuchin, who served under President Donald Trump’s administration from 2017 to 2021, said he expects 10-year Treasury yields, the most followed benchmark for interest rates, to peak at 4.5 percent.