Fed’s Kashkari: True unemployment rate is roughly 10%

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The 6.7% unemployment rate announced by the US Bureau of Labor Statistics is misleading, Minneapolis Federal Reserve President Neel Kashkari said on Friday and argued that the true unemployment rate is around 10%, per Reuters.

Additional takeaways

“Very good news on vaccines, much better than thought likely 6 months ago.”

“If we can get vaccines widely adopted, the second half of 2021 could see a strong economy.”

“The path between here and the second half of 2021 is going to be rocky.”

“The economy is going to be muted as virus flares; December, January and February will be tough for the economy.”

“Doesn’t seem like high inflation is around the corner.”

“Modest inflation increase would be welcome.”

“Fiscal help should focus on people out work, small businesses, state and local governments.”

Market reaction

These comments were largely ignored by the market participants. As of writing, the US Dollar ındex was flat on the day at 90.71.

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