Neel Kashkari, the President of the Minneapolis Federal Reserve, recently shared his thoughts on various aspects of the US economy and cryptocurrencies. In his statement, Kashkari emphasized the Fed's focus on controlling inflation by monitoring underlying demand in the economy.

Kashkari expressed surprise at the resilience of American consumers, noting that they are spending more than he had anticipated. He also highlighted the strength of the housing market, which exceeded his expectations.

The Fed's current policy stance has been a topic of discussion, with Kashkari questioning how restrictive the policy is at the moment. He suggested that maintaining the current stance for some time may be necessary to determine the future direction of inflation.

Kashkari also addressed the issue of US government debt, stating that with rising debt, higher borrowing costs may be needed in the near term to achieve the 2% inflation target.

Regarding cryptocurrencies, Kashkari reiterated his skepticism about Bitcoin, stating that it has very few practical uses and is not a viable investment instrument or currency. He also expressed doubts about the value of Central Bank Digital Currencies (CBDCs).

Overall, Kashkari's statement provides valuable insights into the Fed's approach to managing inflation, the state of the US economy, and the ongoing debate surrounding cryptocurrencies.