Fed's Kashkari: A V-shaped recovery is off the table

It's hard to see going back to normal without vaccine or treatment or mass testing, Minneapolis Fed President Neel Kashkari said on Thursday. "A V-shaped recovery is off the table."

Additional takeaways

"14.7% US unemployment rate understates the real level of joblessness."

"Real unemployment rate today is 24% or 25%."

"It's hard to call the bottom on the labor market; key will be whether temporary layoffs become permanent."

"Reopening the economy is not up to elected leaders; it's up to when we feel safe."

"It would be helpful if states followed standardized guidelines for reopening."

"People need fiscal assistance so they can pay rent, buy food."

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.25% on the day at 100.45.