Fed Official Skeptical of Cryptocurrency's Real-World Use

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, expressed strong skepticism towards cryptocurrency during a recent statement. He highlighted that, aside from its roles in speculation and bypassing banking regulations, "nobody has found a legitimate use case" for digital currencies.

Inflation and Labor Market Resilience

Kashkari acknowledged the Federal Reserve's progress in tackling inflation but emphasized that efforts to reach the 2% target are ongoing. He commended the labor market's strength amidst rising interest rates but pointed out that achieving price stability remains the Fed's "biggest challenge", with policy uncertainty adding complexity to the task.