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Neel Kashkari nervous that trade policy uncertainty will lead to layoffs
Born in Kashmir, Neel Kashkari is an American banker, economist and politician who is the president of the Federal Reserve Bank of Minneapolis.
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Reuters1 - Thu, 24, Apr 2025
- 23:33 EDT
- 147
Federal Reserve Bank of Minneapolis President Neel Kashkari speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 7, 2024. / Reuters/David Swanson
Minneapolis Federal Reserve Bank President Neel Kashkari on Apr.24 said the extreme uncertainty over U.S. trade policy has him "nervous" about big layoffs, though so far he has only heard about businesses starting to plan for the possibility if the uncertainty lasts.
The most optimistic thing that could happen this year for the U.S. economy would be "a resolution of trade disputes with our major trading partners, that would relieve extraordinary uncertainty that ... businesses large and small and people across the country are experiencing right now," Kashkari said at the University of Minnesota. "And the thing about confidence is if we all get nervous at the same time ... it can really bring down the economy, really slow it down."
Neel Tushar Kashkari was born in 1973, in Akron, Ohio, to Indian immigrant parents. His mother, Sheila Kashkari, was a pathologist at Akron City Hospital, while his father, Chaman Kashkari, served as a professor of electrical engineering at the University of Akron.
Both of Kashkari's parents are Kashmiri Pandits, born and raised in Srinagar in the Kashmir Valley, then part of the Indian state of Jammu and Kashmir. They immigrated to the United States in 1964 and eventually settled in Stow, a suburb of Akron, where Neel spent his childhood.
A staunch advocate for stricter regulations on large financial institutions, Kashkari has consistently warned Wall Street and federal regulators not to forget the hard lessons of the 2008 financial crisis, urging vigilance to prevent a repeat of such economic turmoil.
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