Fed's Kashkari: Monetary policy 'largely doing what it can' to support robust recovery -- RTRS

In his economic paper published on Monday, Minneapolis Federal Reserve Bank President Neel Kashkari argued that the most effective way to bolster US economic growth is through non-monetary policy approaches such as immigration and tax reforms, Reuters reports.

Key Quotes:

US labor market is "closer to normal" but that inflation is still below the Fed's 2-percent target and economic growth is well below precrisis norms.

"Monetary policy is largely doing what it can to support a robust recovery, and what remains are fiscal and regulatory policies" 

"Another promising policy is immigration reform, especially for high-skilled workers" 

"I am skeptical that a large-scale expansion of government spending by itself is the best way forward, since larger fiscal deficits will lead to higher expected future taxes, which could further undermine private sector confidence"