Fed’s Kashkari Dismisses Crypto as ’Basically Useless,’ Highlights Economic Resilience
Minneapolis Fed President Neel Kashkari delivered a blunt assessment of cryptocurrency during recent remarks, calling it "basically useless" for consumer applications. His comments come alongside cautious Optimism about AI adoption, which he noted is still in testing phases across most industries.
The central banker painted a generally positive picture of the U.S. economy, describing it as "quite resilient" despite inflationary pressures. While inflation remains above the Fed's 2% target, Kashkari observed it's "heading down," though the terminal rate remains uncertain. Housing markets show particular promise, with visible cooling in price trends.
Kashkari firmly rejected comparisons between recent balance sheet growth and quantitative easing, stating "I don't see a need for QE." On trade policy, he noted tariffs have had less severe price impacts than feared, though warned their long-term effects remain uncertain.
