Thursday, July 2nd, 2020
Home » The Human Element » Fed’s Kashkari Says U.S. May Face 18 Months of Rolling Shutdowns

Fed’s Kashkari Says U.S. May Face 18 Months of Rolling Shutdowns

Neel Kashkari Photographer: Andrew Harrer/Bloomberg

BLOOMBERG, April 12, 2020

Vaccine or effective therapy key to full rebound, Kashari says | Hard to see V-shaped economic recovery, FOMC voter says

By Matthew Boesler for Bloomberg – Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said.

“We’re looking around the world. As they relax the economic controls, the virus flares back up again,” Kashkari said Sunday on CBS’s “Face the Nation.” Kashkari is a voter in 2020 on the Fed’s policy-setting Federal Open Market Committee.

“We could have these waves of flareups, controls, flareups and controls until we actually get a therapy or a vaccine. I think we should all be focusing on an 18-month strategy for our health care system and our economy.”

Unemployment has skyrocketed in the U.S. over the last few weeks as state and local governments have ordered businesses to close their doors in a bid to contain the spread of the virus.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Sunday on CNN’s “State of the Union” that a partial reopening of the economy could possibly begin in May, but cautioned that the outbreak could flare up again in the fall.

Kashkari warned that “this could be a long hard road that we have ahead of us until we get either to an effective therapy or a vaccine.”

“It’s hard for me to see a V-shaped recovery under that scenario,” he said.

Other articles you may find interesting

Copyright © 2020 PortandTerminal.com. All rights reserved. This material may not be published, broadcast, written or redistributed.

Check Also

A combine drives over stalks of soft red winter wheat

U.S. farmers scramble for help as COVID-19 scuttles immigrant workforce

REUTERS, JULY 2, 2020 CHICAGO – The novel coronavirus delayed the arrival of seasonal immigrants …

Hampers filled with white pills. Police.

‘World’s largest seizure of amphetamines’ at Port of Salerno. Syria’s Assad regime involved?

PortandTerminal.com, July 1, 2020 While there are media reports that the drugs are manufactured by …