MINNEAPOLIS, MN — (04-13-20) — “America should be ready for 18 months of shutdowns in long, hard road ahead.” That’s what Neel Kashkari, the head of the Federal Reserve Bank of Minneapolis, said in an interview on Face the Nation last Sunday, painting a gloomy picture for Americans.
Kashkari, while acknowledging the downside of what a prolonged shutdown could mean for the economy, said the U.S., “barring some health-care miracle,” can look forward to an 18-month strategy of rolling shutdowns based on what has happened in other countries.
“We could have these waves of flare-ups, controls, flare-ups and controls, until we actually get a therapy or a vaccine,” said Kashkari. “We need to find ways of getting the people who are healthy, who are at lower risk, back to work and then providing the assistance to those who are most at risk, who are going to need to be quarantined or isolated for the foreseeable future.” said Kashkari.
Neel Kashkari doesn’t envision a quick rebound for the U.S. economy as president Trump has been pushing for over the last two weeks. Already the U.S economy has lost more than 16 million jobs in the past three weeks.
“This could be a long, hard road that we have ahead of us until we get to either an effective therapy or a vaccine,” Kashkari. “It’s hard for me to see a V-shaped recovery under that scenario.”
Watch Neel Kashkari on Face the Nation Below
Neel Kashkari took office as president and chief executive officer of the Federal Reserve Bank of Minneapolis on Jan. 1, 2016, following a national search conducted by the Bank’s independent board of directors.
In this role, he serves on the Federal Open Market Committee, bringing the Ninth District’s perspective to monetary policy discussions in Washington, D.C. In addition to his responsibilities as a monetary policymaker, Kashkari oversees all operations of the Bank, including supervision and regulation, treasury services, and payments services.
Kashkari leads the Bank’s many initiatives. Among them, he was instrumental in establishing the Opportunity & Inclusive Growth Institute, whose mission is to ensure that world-class research helps to improve the economic well-being of all Americans.
Article by: Paul Goldberg, Staff Writer
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