Dallas Fed Pres. Robert Kaplan, it's an interview on CNN
- I would be against negative interest rates
- Negative interest rates would impact intermediaries, money market funds
- He is skeptical that negative interest rates would have benefits that would outweigh harm
- More fiscal stimulus will be necessary for growth
- May take to the end of 2021 to work off the excess oil inventories
- Permian basin output will shrink by a million barrels a day, will see bankruptcies, restructuring
- Drug and vaccine development, testing, contact tracing are essential to bringing economy back
Fed's Kaplan is a voting member on the FOMC board this year.
