Neel Kashkari, from the Federal Reserve, stated that the recent slow GDP is attributed to inventories and net exports while underlying demand remains strong. Kashkari finds it challenging to explain the robustness of economic activity and points to a significant housing shortage. He also commented on the jobs report, noting it was softer than expected but not soft. Kashkari highlighted that financial markets are currently wired for exuberance.
KASHKARI: FINANCIAL MARKETS ARE WIRED FOR EXUBERANCE
FED'S KASHKARI: JOBS REPORT FRIDAY WAS SOFTER THAN EXPECTED BUT NOT SOFT
FED'S KASHKARI: THE JOBS REPORT ON FRIDAY WAS SOFTER THAN EXPECTED, BUT NOT SOFT.
KASHKARI: JOBS REPORT FRIDAY WAS SOFTER THAN EXPECTED BUT NOT SOFT
KASHKARI: ".. a significant shortage of housing that will take a long time to close. .. perhaps a neutral rate for the housing market is higher than before the pandemic." @neelkashkari @MinneapolisFed https://t.co/AmBKreZidn
KASHKARI: HARD TO EXPLAIN ROBUSTNESS OF ECONOMIC ACTIVITY Ackchyually not that hard: $1 trillion in debt every 100 days explains it
KASHKARI: HARD TO EXPLAIN ROBUSTNESS OF ECONOMIC ACTIVITY
FED'S KASHKARI: THE RECENT SLOW GDP IS DUE TO INVENTORIES AND NET EXPORTS. UNDERLYING DEMAND REMAINED STRONG.