Minneapolis Fed President: "Crypto assets are of little use to consumers"

JH Kim

Summary

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said the US economy and labor market are showing mixed signals.
Kashkari said the current economic situation is confusing and that there are signs of weakening in the labor market.
Kashkari reaffirmed his skeptical view that crypto assets (cryptocurrencies) are basically of little use to consumers and that their practical economic utility is limited.

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According to Walter Bloomberg, a breaking-news account, on the 14th (local time), Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said the US economy and labor market are sending mixed signals.

Kashkari said, "The current economic situation is confusing," adding that "there are signs of weakening in the labor market." However, he maintained a cautious stance on the specific policy path.

He also issued a sharp critique of crypto assets (cryptocurrencies). Kashkari said, "Crypto assets are basically of little use to consumers," reaffirming his long-held skepticism that their real economic utility is limited.