Mnuchin, Fed officials downplay risks of stock rout as sell-off spreads
The US Treasury Secretary calls it a "correction", and that the economy is still strong
Fri, Oct 12, 2018 - 5:50 AM
Steven Mnuchin (left), US Treasury Secretary, with Philip Hammond (far left), UK Chancellor of the Exchequer, in Nusa Dua, Bali, on Oct 11. Mr Mnuchin's calmness was echoed by other Fed officials and international policymakers as the fall in US equities extended to Asia.
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...