Transcript: Neel Kashkari on the Fed’s Quest to Get to Full Employment

The last two jobs reports have been strong, but the unemployment rate remains over 5%. And by some estimates, the economy is still 8 million jobs shy of where it would have been had it not been for the crisis. So when will the Federal Reserve declare "victory" in hitting its employment mandate? It's a question that's been complicated by the recent rise in inflation. On this episode, we speak with Neel Kashkari, the president of the Minneapolis Fed and a longtime proponent of pushing for a strong labor market. He explains what he's looking for, and how the labor market situation meshes with both the inflation situation and the Fed's new framework unveiled last year at Jackson Hole. Transcripts have been lightly edited for clarity.