Neel Kashkari Shares Views on Economy and Inflation, Calls for Action to Achieve Stable Labor Market

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Neel Kashkari acknowledged the economy’s resilience and the low unemployment rate of 3.6%.

Neel Kashkari
Neel Kashkari ( Photo: MarketWatch )

Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, recently appeared on “Face the Nation” to share his insights on the current state of the U.S. economy and the potential impact of inflation on the labor market

In the interview, Neel Kashkari expressed skepticism about the possibility of ending the inflation cycle without any cost to the labor market. Neel Kashkari predicted that the unemployment rate might increase from 3.6% to 3.7%, 3.8%, or even 4%. Despite this, he considered such a scenario a soft landing.

Neel Kashkari’s remarks come ahead of the upcoming job market report from the U.S. Bureau of Labour Statistics, scheduled to be released on August 4

Regarding future rate hikes, Neel Kashkari emphasized that if the Federal Reserve can bring down inflation to 2%, it would have a significant positive impact on the country.

Neel Kashkari highlighted the goal of restoring the pre-pandemic economy, characterized by low unemployment, low inflation, and modest but positive real wage gains for the American people. Neel Kashkari believes achieving this objective is entirely possible, but it requires completing the necessary steps to stabilize the economy and control inflation effectively.

 

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