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