US Treasury Secretary Says US Leading Global Recovery

Treasury Secretary Jack Lew told CNBC on Wednesday that the U.S. is leading the global economic recovery, despite having “a lot of work to do” by our own country’s standards.
“If you go to Main Street America and ask people if they’ve been made whole from the financial crisis, I doubt a lot of people would tell you they’ve been made whole,” Lew said on “Squawk Box.”

Two days before the world’s financial elite gathers in Washington for an International Monetary Fund meeting, Lew said kick-starting economic growth remains his top priority in his dealings with foreign finance ministers. It’s also a priority on the home front, he added, arguing that job training and infrastructure programs proposed by the White House will stimulate demand.

Lew said he expects infrastructure projects, such as a new federal highway bill, to gain bipartisan support even in a midterm election year. And as Wall Street deals with the prospect of higher interest rates and this winter’s economic downturn, Lew said a U.S. economy stuck under 3-percent GDP growth for 2014 still looks like progress.

“We’re doing our part,” Lew said. “We made tough decisions six years ago, and we stuck with them. We have our economy growing. We reformed our financial system. We have our fiscal house in a much better place.”

Lew said some industries are still lagging. Sectors such as home construction usually contribute to economic recovery, but they have stumbled but still have the potential to give the economy a much-needed boost, he said.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza