Minneapolis Fed President Neel Kashkari told NBC today that tomorrow’s NFP report might show unemployment rate surging to 17%. But the actual rate might be even higher at 23%. Also, “that bad report tomorrow is actually going to understate how bad the damage has been.”
He emphasized that “the Federal Reserve is acting aggressively, we will continue to act aggressively,” to support the economy. But “Unfortunately, the recovery looks like it is going to be slow,” after the coronavirus pandemic.
“The virus is still spreading throughout much of the country,” he said. “We have to continue to be very measured and not reopen too quickly because we may pay the price for that.”