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