December 20, 2018 / 6:49 PM / 6 months ago

U.S. Treasury chief calls market reaction to Fed "overblown"

WASHINGTON, Dec 20 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Thursday that the market reaction to the Federal Reserve’s interest rate strategy was “completely overblown.”

Mnuchin, in an interview with Fox Business Network, said he believes U.S. equities are a “tremendous value,” and that investors would now move from bonds into stocks.

“I think the market reaction is completely overblown,” he said.

“The bond markets have rallied significantly,” Mnuchin added. “I think you’re going see rebalancing out of bonds (and) into equities at these levels.” (Reporting by Makini Brice; Editing by Tim Ahmann)

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