Mnuchin, Fed officials downplay risks of stock rout as sell-off spreads

Washington

GLOBAL finance chiefs played down the economic risks posed by the biggest US stock sell-off since February, with many describing the decline as a long-awaited correction.

"The fundamentals of the US economy continue to be extremely strong, I think that's why the stock market has performed as well as it has," US Treasury Secretary Steven Mnuchin told Bloomberg News at the IMF's annual meeting in Bali, Indonesia.