5/9, 5:12 PM (Source: TeleTrader)
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US economy still in 'deep hole' - Fed's Kashkari

Federal Reserve Bank of Minneapolis President Neel Kashkari (pictured) stated on Sunday that the United States economy is still in a "deep hole," adding that the employment in the country is still by some 8-10 million jobs below its pre-pandemic level.

In an interview with CBS, Kashkari explained that jobless benefits could be one of the reasons that hiring hasn't pick up the pace as much as the Fed expected, adding that the central bank stays dedicated to accelerating the economic rebound process.

He previously explained that the bank will normalize its monetary policy once the labor market is recovered.

Breaking the News / BU