SAULT STE. MARIE — The Sault Area Chamber of Commerce hosted their 2022 annual economic luncheon in the Superior room at Lake Superior State University on Tuesday, May 17.

Around 200 members of the community attended the luncheon to hear the featured speaker Neel Kashkari speak about the state of the economy, both local and national.

Sault Chamber of Commerce Executive Director Tony Haller introduced Kashkari and various sponsors to the chamber, and made opening remarks after guests had a buffet lunch.

Kashkari has been the president and CEO of the Federal Reserve Bank of Minneapolis since 2016 and serves as a member on the Federal Open Market Committee. This means he is part of the group in charge of overseeing open market operations and deciding the growth of interest rates in American banks.

Kashkari has a bachelor's and master's degree in mechanical engineering from the University of Illinois and a master's of business administration from the University of Pennsylvania’s Wharton School.

After introducing himself, Kashkari talked about many subjects, including the effect that the COVID-19 pandemic has had on the economy. Specifically, Kashkari spoke about how before the pandemic national employment rates were growing and interest rates were going lower.

He said when the pandemic first began, both supply and demand for many products began to drop as job security became a problem for many Americans. As the pandemic has begun to end, demand for many products has begun to overtake supply, causing an increase in prices of many items.

Kashkari also said the economy has been affected by world events, such as the Russian invasion of Ukraine causing supply line issues which impact the prices of items like gasoline.

After addressing these and other economic issues, Kashkari answered questions from the crowd about the foreseeable future of small, local economies.

While answering questions, Kashkari emphasized the importance of education in future generations and added that he wants the country to focus on that issue.

"I believe that making sure all American young people get a good education is enormously important. The advantage I had growing up was that my parents were highly educated and they insisted that my sister and I get a good education," Kashkari said. "Because I got a good education, I feel like every door of this country has been open to me and so to me, I think focusing on making sure that all young people get a good education is the most important."

This article originally appeared on The Sault News: Sault chamber hosts annual economic luncheon