Neel Kashkari, president of the Minneapolis Federal Reserve, in an interview on February 17, 2016.
David Orrell | CNBC
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 rolling flare ups,” Kashkari said, with “different parts of the economy turning back on, maybe turning back off…