Minneapolis Federal Reserve President Neel Kashkari said Sunday he expects the path to economic recovery from the coronavirus pandemic will be a “long, hard road,” pouring cold water on hopes for a “V-shaped” rebound.

Kashkari, who oversaw the Troubled Asset Relief Program that the U.S. implemented in the wake of the 2008 financial crisis, said on CBS’ “Face The Nation” that expectations for a sharp, speedy recovery seem too optimistic.

“It would be wonderful if some new therapy were developed in the next couple months,” Kashkari said. “Then potentially we would have a V-shaped recovery” – a phrase describing a steep market decline followed by a galloping rally.

But “barring some health-care miracle like that, it seems we’re going to have various phases of …continued .
[Source: CNBC News]