The White House has issued a statement on the recent decline in the market

The White House has described recent economic instability marked by falling stock prices and weakening job market as part of an 'economic transition process'. Press secretary Karoline Leavitt told reporters at a press conference that the current surge is due to what she described as the "economic mess" left by the previous Biden administration. Leavitt stated at a controversial press conference: "We are in the transition from an economic nightmare to the golden age of American manufacturing under a president who doesn't know what he's doing and has never worked in the private sector in his life". Leavitt's comments reflect the feelings that President Donald Trump expressed over the weekend. Speaking on Fox News's Sunday Morning Futures program, Trump was asked whether he expected a recession in 2025. Trump replied: "I hate to predict these things. There is a transitional period, because what we are doing is very big." Commerce Minister Howard Lutnick took a more confident stance when responding to NBC's Meet the Press interview, stating: "There will be no economic recession in the U.S." But some economists are skeptical about the optimistic outlook of the government. Stephen Henn, associate professor of economics at Sacred Heart University, warned that the risk of recession in 2025 is still high. Henn said, "The probability of a recession in 2025 is quite high," while noting that economic difficulties may affect individuals in different ways depending on their financial situation. Henn added: "If the government's cost-cutting measures are not offset by increased consumer spending, business investment and/or net exports, we may well see a recession."