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Fed’s Kashkari Sees ‘Devastating’ Unemployment and Long Recovery

Neel Kashkari
Neel KashkariPhotographer: Andrew Harrer/Bloomberg

Federal Reserve Bank of Minneapolis President Neel Kashkari says the coronavirus will inflict “devastating” levels of U.S. unemployment and economic recovery will be long and gradual.

“The number tomorrow will probably be something like 16%, or 17%,” he said in an interview on NBC’s “Today” show on Thursday, on the eve of the monthly U.S. employment report. “I think the real number’s probably around 23 or 24%. It’s devastating.”