Mnuchin downplays possibility of recession amid coronavirus outbreak

When asked on ABC's "This Week" if the US was now in an economic recession as some have suggested, Munchin said, "I don't this so."

"The real issue is not the economic situation today. The real issue is what economic tools are we going to use to make sure we get through this, because this is a unique situation," he said. "Later in the year, obviously, the economic activity will pick up as we confront this virus."

Anxiety over coronavirus' spread across the US has shocked financial markets. The Trump administration has floated options on how to curb the financial impact of the virus and early Saturday morning the House passed a coronavirus relief bill to help small businesses and workers.

This story is breaking and will be updated.