Fed’s Kashkari: Crypto is 'utterly useless'

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Neel Kashkari, Federal Reserve (Fed) President of the Bank of Minneapolis, said that the labor market has remained pretty resilient and that he believes AI could boost productivity in the next five to ten years, according to Reuters on Thursday.

Key takeaways

The labor market has remained pretty resilient, it is softer but still "decent to pretty good".

Reports from businesses about staffing warrant some caution about the strength of the labor market.

Kevin Hassett's comments about Fed staff research were "just another step" to try to compromise the Fed's independence.

The Fed is committed to making the best decisions based on data and analysis, aiming to avoid other "distractions".

Optimistic about AI, almost all businesses are finding benefits from using it.

Crypto is "utterly useless".

AI could be a boost to productivity in the next five to ten years.

The Fed is cautious about using AI internally, with strong guardrails against giving access to confidential data.

Not clear what a stablecoin can do beyond what Venmo and similar services already offer.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the British Pound.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.12%	0.27%	0.20%	-0.04%	-0.13%	0.00%	0.20%
EUR	-0.12%		0.16%	0.04%	-0.18%	-0.23%	-0.12%	0.08%
GBP	-0.27%	-0.16%		-0.08%	-0.32%	-0.39%	-0.27%	-0.07%
JPY	-0.20%	-0.04%	0.08%		-0.26%	-0.33%	-0.24%	-0.02%
CAD	0.04%	0.18%	0.32%	0.26%		-0.07%	0.04%	0.24%
AUD	0.13%	0.23%	0.39%	0.33%	0.07%		0.12%	0.33%
NZD	-0.00%	0.12%	0.27%	0.24%	-0.04%	-0.12%		0.20%
CHF	-0.20%	-0.08%	0.07%	0.02%	-0.24%	-0.33%	-0.20%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).