WASHINGTON, July 29: US Treasury Secretary John Snow said on Tuesday the US economy, boosted by tax cuts and cushioned by low interest rates, was “springloaded” to bounce back.

“This economy is poised to take off. It’s springloaded to go,” Snow said in an interview with CNBC financial news television.

President George W. Bush’s 350-billion-dollar tax cut package was “beginning to take effect,” with business confidence rising and investment returning, he said.

Interest rates remained favourable, and a recent increase in treasury bond yields simply reflected increasing expectations of economic recovery, the treasury secretary said.—AFP