The U.S. economic recovery from the disruptions caused by the novel coronavirus outbreak will likely be a 'long, hard road' in which some parts of the economy will periodically shut down and restart, Minneapolis Federal Reserve Bank President Neel Kashkari said on Sunday.
FILE PHOTO: President of the Federal Reserve Bank on Minneapolis Neel Kashkari listens to a question during an interview in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton
In an interview on CBS’s “Face the Nation,” Kashkari said projections for a quick economic turnaround were overly optimistic unless a treatment for COVID-19, the disease caused by the coronavirus, became available in the next few months. Kashkari’s comments came amid signals from President Donald Trump that he wants to re-open the economy as soon as possible. Trump said on Friday that he would unveil a new advisory group this week that would focus on the process of economic opening.
Kashkari said additional support was needed for small businesses beyond the $350 billion provided in the coronavirus aid package passed in March, but he was optimistic that Congress would approve more funding.
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