Without an effective therapy or a vaccine for the novel coronavirus, the
U.S. economy could face 18 months of rolling shutdowns as the outbreak
recedes and flares up again, Federal Reserve Bank of Minneapolis
President Neel Kashkari said. “We’re looking around the world. As they
relax the economic controls, the virus flares back up again,” Kashkari
said Sunday on CBS’s “Face the Nation.” Kashkari is a voter in 2020 on
the Fed’s policy-setting Federal Open Market Committee.
“We could have these waves of flareups, controls, flareups, and controls
until we actually get therapy or a vaccine. I think we should all be
focusing on an 18-month strategy for our health care system and our
economy.” Unemployment has skyrocketed in the U.S. over the last few
weeks as state and local governments have ordered businesses to close
their doors in a bid to contain the spread of the virus.
-Full Report
