Stocks have ‘at least 10% to 15%’ further to fall - former White House communications director.

CNBC reports that according to Anthony Scaramucci, an investor and former White House communications director, the U.S. is in a "protracted bear market" and stock prices could fall further.

"I actually think we're now in a secular bear market," he told CNBC on Monday. "As the economic data comes out, we're going to be in a fairly steep recession."

His comments come as America and the world grapple with the fallout from the ongoing coronavirus pandemic. Global markets have been volatile and under pressure as cases continue to rise past 294,000. The World Health Organization has also reported nearly 13,000 deaths.

"We're in a protracted bear market," said Scaramucci, who is founder and managing partner at investing firm SkyBridge. "I think there's at least 10% to 15% more to go in equity prices here."

In the short term, however, he said he is optimistic because of the expectation that Congress will approve economic stimulus for the country.

On Sunday evening, a huge funding package failed to get enough votes in a key Senate procedural vote.

"I predict that they will get a deal done. They know how sensitive this is for markets," Scaramucci said. "It may come before the (market) opening, but if it doesn't, my guess is it will come after tomorrow's close."

He said the stimulus will send a message to U.S. citizens that the government is there for them "in a time of crisis like this."