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Kashkari - Delinquency Levels Not Concerning Yet, Fiscal Plans Not Sustainable

FED

Kashkari (non-voter) continues in a moderated discussion.

  • Credit card and auto loan delinquencies are creeping up. They’re back above roughly pre-pandemic levels. The trajectory is concerning but the level isn’t that concerning yet.
  • His remarks come after the NY Fed's Q4 data from earlier today: https://marketnews.com/credit-card-and-auto-loan-serious-delinquency-transition-continues-at-pace
  • Fiscal: We do know over the long-term that what’s enacted in current law, is unsustainable. Just look at the CBO forecasts - just based on demographics alone, Social security, Medicare and Medicaid programs grow to the moon and we know that’s impossible. Something has to change, be it a big immigration influx and/or raising taxes or cutting benefits. Somehow that has to get reconciled.
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