Treasury Secretary Steven Mnuchin testifies before a Senate Appropriations subcommittee on Capitol Hill in Washington, May 15, 2019.
Jonathan Ernst | Reuters
This is a developing story. Check back for updates.
Treasury Secretary Steven Mnuchin told CNBC on Monday that there will be a surge of demand for stocks once the coronavirus threat abates.
The Treasury secretary told CNBC’s Jim Cramer that “There will be a huge amount of pent up demand when this is done. And it will be done.”
“Look for companies that have a ton of liquidity, an Apple will have customers,” Mnuchin added. “That’s just a given. The goal is not to bail out companies.”
Mnuchin also reassured Cramer that he believes the nation’s largest banks will be able to handle this market downturn unlike that which occurred in the 2008 financial crisis.
“The banking system can handle this after the Fed’s actions. Now it is a question of liquidity for those who need it… To keep entities from closing … and help the working person,” he said.
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