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Minneapolis Fed

Fed's Kashkari Responds To Zero Hedge: "A Market Drop Is Unlikely To Trigger A Crisis"

Former Goldmanite and current Minneapolis Fed president, Neel Kashkari, conducted another #AskNeel session on Twitter where the dovish FOMC voter (he was the only one to dissent in last week's rate hike decision) received numerous question. Among them was the following one from Zero Hedge:

His response:

This Is What The "Main Street Serving" Fed's Wall Street Advisors Told It To Do About Future Rate Hikes

Yesterday, in an impassioned appeal to the hearts and minds of Americans everywhere, Minneapolis Fed Neel Kashkari said that the Fed is "here to serve Main Street" the same main street which currencly has $8.4 trillion in savings accounts currently earning exactly 0% in interest. Yet it wasn't Main Street but Wall Street that the Fed listened to once again last Wednesday, May 4, when the Fed's Advisory Council which comprises of 12 bankers such as James Gorman, Richard Holbrook, and John Stumpf, advised the Fed on how to conduct future monetary policy.

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