US Treasury Sec. Mnuchin: Highly unlikely that government would buy stocks

"It is unfortunate that some companies inappropriately took loans in the Paycheck Protection Program (PPP)," US Treasury Secretary Steven Mnuchin told CNBC on Tuesday and added that the average loan size in the PPP was coming down.

Additional takeaways

"We will do a full audit of every loan over $2 million, faults borrowers that inaccurately certified that they needed them."

"Expecting to get paid back on loans to airlines, national security-linked firms."

"Additional aid to states will be debated by Congress, there will not be a federal bailout of states."

"It is highly unlikely that the government would buy stocks."

"The issue of lost state revenues need to be debated by Congress."

Market reaction

These comments had little to no impact on market sentiment and the US stock index futures were all up more than 1% on a daily basis at the time of press.