US Treasury Sec. Mnuchin: First concern on coronavirus is protecting US economy

"A large team at the US Treasury is looking at coronavirus issues, coordinating internationally," Treasury Secretary Mnuchin said on Wednesday. "The Treasury is working with the IMF and the World Bank closely on coronavirus relief issues."

Mnuchin added that hundreds of billions of dollars could be put into the economy with deferred tax payments and explained that loan guarantees were a very effective way to aid companies without putting taxpayers at risk.

"The administration is addressing issues of large gathering sports event, the task force will be making recommendations," Mnuchin noted. "I want to emphasize that the country will get through this.Our first concern on coronavirus is protecting US economy"

Market reaction

These comments failed to help stock markets stage a rebound. As of writing, the Dow Jones Industrial Average was down 3.6% on the day and the Nasdaq Composite was erasing 2.8%.