Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari assuaged markets late Monday, reaffirming the Fed's data-dependent stance and reiterating common Fed policymaker talking points about the health of the US economy, including ongoing easing of inflationary pressures and a still-healthy labor market despite a near-term upswing in the overall unemployment rate.
Key highlights
Progress made on inflation, labor market remains strong.
Increasing joblessness not worth the cost.
Not worth it to have unemployment rate increase.
China not a significant competitor to US.
Unconcerned about the yuan replacing the dollar as a global reserve currency.
US competitiveness robust but cannot be assumed.
Reduction in labor demand could lead to increased unemployment.
Bitcoin remains worthless after twelve years.
Kashkari sees potential for generative artificial intelligence after two years.
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