Neel Kashkari in Discussion at Star Tribune’s North Star Summit 2025

FED'S MIRAN: GROWTH IN FIRST HALF OF YEAR WAS SLOWER THAN EXPECTED AMID UNCERTAINTY A LOT OF UNCERTAINTY ON ECONOMY HAS LIFTED THERE ARE REASONS TO BE MORE OPTIMISTIC GOING FORWARD ON UNCERTIANTY LIFTING FED'S MIRAN: IF ECONOMY DOES WELL IT DOESN'T HAVE FIRM IMPLICATIONS FOR MONETARY POLICY THE NEUTRAL RATE HAS COME DOWN WHICH MAKES POLICY MORE RESTRICTIVE RESTRICTIVE MONETARY POLICY HAS RISKS THERE ARE RISKS IF MONETARY POLICY ISN'T ADJUSTED Fed's Miran: MonPol Should Be Forward Looking Given Lags Of Policy Impact - ‘More Sanguine’ On Inflation Outlook Than Many Others Fed's Miran: My best attempt at a real neutral rate estimate is 0.5%. *Looks in disappointment* Fed's Miran Says Market Reactions Offer Useful Feedback and Bond Market Support Boosts Push for Faster Rate Cuts

<=USD>:*FED'S KASHKARI SAYS DATA SENDING SOME STAGFLATION SIGNALS FED'S KASHKARI Says It Is Too Early To Tell If Inflation Will Persist Due To Tariffs KASHKARI: SKEPTICAL THAT A LOT OF WORKERS ARE BEING REPLACED BY AI NOW BULLISH ON LABOR, WORKERS HAVE A VERY IMPORTANT ROLE IN ECONOMY HEARING LOTS OF GRAND DECLARATIONS OF AI REPLACING WORKERS, BUT NOT SEEING THE EVIDENCE YET NATURE OF JOBS WILL CHANGE AS WE USE AI TOOLS

“The dollar may be our currency, but it’s your problem.” When John Connally, President Nixon’s Treasury Secretary, spoke these words in the 1970s, he was describing a world dominated by the dollar, where other countries had little choice but to bear the consequences of US policies. Half a century later, these words still resonate. Earlier this year, when turbulence was emanating from the United States, investors turned to the euro as a safe haven. This was of course a sign of confidence in Europe. But we also felt the costs, in the form of upward pressure on the exchange rate. Europe is more open than any other major economy. Our exports reached nearly €4 trillion last year. But this openness also makes us more exposed in a world where trade and geopolitics are increasingly intertwined, and where spillovers are often unavoidable. In this context, the international role of the euro can no longer remain a secondary question. It is central to Europe’s ability to turn the euro from a safe-haven currency into a truly g ECB PRESIDENT CHRISTINE LAGARDE DOES NOT ADDRESS CURRENT MONETARY POLICY IN PREPARED REMARKS TO BUSINESS FRANCE EVENT #ecb #europeancentralbank #christinelagarde