US Treasury Sec. Mnuchin: Economic conditions to improve in third, fourth quarters

"We are continuing to see large unemployment and other negative economic indicators in the second quarter," US Treasury Secretary Mnuchin told the Senate Banking Committee on Tuesday. 

Mnuchin further noted that he expects the economic conditions in the US to improve in the third and fourth quarters as businesses return to work. 

"The treasury is keeping $259 billion in capital from CARES Act in reserve to create or expand credit programs as needed," Mnuchin added in his prepared remarks delivered in the hearing entitled “The Quarterly CARES Act Report to Congress.”

Market reaction

These comments were largely ignored by the market participants and the US Dollar Index was last seen losing 0.17% on the day at 99.45.