Economic news
Fed’s Kashkari: Banking stress brings U.S. closer to recession – CBS
2023.03.26 11:56
© Reuters. FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid/File Photo
WASHINGTON (Reuters) – Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the U.S. closer to recession, Minneapolis Fed president Neel Kashkari said Sunday in comments to CBS show Face the Nation.
“It definitely brings us closer,” Kashkari said. “What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch … would then slow down the economy. This is something we are monitoring very, very closely.”
