Weak U.S. growth has stoked income gaps: Fed's Kashkari
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
The U.S. economy's sub-par economic growth has exacerbated income gaps between the country's racial groups, a top Federal Reserve official said on Wednesday, adding that better education for Native Americans in particular would boost productivity and output.
In a brief speech that did not mention interest rates, Minneapolis Fed President Neel Kashkari tied what he called his personal belief that education is society's "great equalizer" with the central bank's desire for stronger economic growth.
"Growth since the Great Recession has been steady but stubbornly slow, leaving output well below expectations (and has) contributed to exacerbating the persistent and wide gaps in income among our country's racial and ethnic groups," Kashkari, who has a vote on policy next year, said in prepared remarks.
"Education has the potential to address two big issues confronting the nation, as well as Indian Country: economic growth and economic inequality," he added at a workshop on early childhood development in Indian Country.
Other Fed officials in recent years have not shied away from discussing the big income and wealth gaps in the economy, which grew at a weak 1.4 percent rate in the second quarter.
Kashkari cited Minnesota education data showing that 44 percent of Native American children "arrive at kindergarten fully ready to learn," compared to 57 percent of blacks and 63 percent of whites.
(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- All eyes focused on clues for future Fed hikes
- ECB will buy assets yielding below deposit rate - Draghi
- Initial Jobless Claims 258K vs 255K Expected
Create E-mail Alert Related CategoriesFed, Forex, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!