Minneapolis Fed Pres. Neel Kashkari

  • recovery to be muted until health confidence restored
  • a V-shaped recovery is off the table
  • When 2 month bridge under PPP program expires, you will see more bankruptcies
  • more confidence in signal from bond market and stocks
  • mass bankruptcies can harm US productive capacity
  • we must preserve productive capacity of US economy that's uniquely Congress's ability
  • he expects long and drawn out recovery, and unemployment come down slowly
  • I don't derive any comfort from stock market: listening to health experts more than investors
  • key is whether temporary layoffs become permanent
  • returned to normal will likely require vaccine
  • actual unemployment rate likely 25%
  • unemployment claims data very troubling