Fed Official Skeptical of Cryptocurrency's Legitimacy

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, expressed strong skepticism towards cryptocurrency during a recent address. He highlighted the lack of legitimate use cases for digital currencies, aside from their roles in speculation and bypassing banking regulations.

Inflation and Labor Market Resilience

Kashkari acknowledged the Federal Reserve's progress in tackling inflation but emphasized the ongoing effort required to reach the 2% target. Despite the challenges posed by rising interest rates, he commended the labor market's robustness. However, he warned that achieving price stability remains the Fed's most significant hurdle, with policy uncertainty adding complexity to their mission.