Fed's Kashkari: Fed policy is not destabilizing financial markets

Minneapolis Federal Reserve President Neel Kashkari said on Monday that he is not worried about the volatility seen in the US stock markets and argued that the Federal Reserve's policy is not destabilizing financial markets, as reported by Reuters.

Additional takeaways

"Real unemployment rate is around 10% when considering those who have given up looking for jobs."

"We have a long way to go before we can get the economy fully reopened."

"Committed to doing whatever we can to boost recovery."

"It's also up to fiscal policymakers to do their part."

"The key now is for the Fed to keep its foot on the monetary policy gas."

"It's also important for Congress to keep supporting people, small businesses."

"We will all be better off if we can get back to 3.5% unemployment more quickly."

"Not concerned about too much spending; it's like wartime."

"We can borrow very cheaply to do what we need to do to get through this pandemic."

"Over the long term, we do need to get our fiscal house in order."

"If one group of speculators wants to do battle with another group in the stock market, it's on them."

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.45% on a daily basis at 91.00.