Speaking at Williston Petroleum conference
Minneapolis Fed president Kashkari is speaking at the Williston petroleum conference in North Dakota says:
- US is a long way from maximum employment
- economy poised for a strong recovery if Covid can be beaten
In weekend comments after the US jobs report, Kashkari said:
- "We are still somewhere between 8 and 10 million jobs below where we were before the pandemic"
- "We still are in a deep hole and we still need to do everything we can to put those folks back to work more quickly"
- "We at the Federal Reserve are doing everything we can to accelerate that job-market recovery"
Last week he also said:
- says Fed doesn't want to cut off recovery prematurely
- says if raise taxes to pay for new spending, that won't be inflationary
- not concerned that fiscal packages so far will create inflation
- once the labour market is recovered, inflation back to target, will normalize monetary policy
- full employment may take a few years
