North Dakota
Federal Reserve official says he looks to Bakken for insight on economy
A national banking official said he looks to North Dakota’s oil industry for clues about the health of the region’s economy.
“The Bakken, and North Dakota, is very interesting in giving me insight into what’s happening here and what it means for the broader economy,” Neel Kashkari said Thursday, May 16, while speaking at the Williston Basin Petroleum Conference in Bismarck.
Kashkari is president of the Federal Reserve Bank of Minneapolis, which serves North Dakota, South Dakota, Montana, Minnesota, as well as part of Wisconsin and Michigan. The Federal Reserve Banks are independent financial institutions that manage the U.S. economy.
In ordinary circumstances, when the economy is healthy, unemployment is low and the average rate of inflation is about 2%. However, if one of those factors is thrown out of whack, the Federal Reserve may decide to intervene.
“If the economy is growing too slowly, we will traditionally cut interest rates to try to give it a boost,” Kashkari said. “If the economy is overheating and inflation is too high, like recent experience, we will raise interest rates to try to tap the brakes in the economy to bring inflation back down.”
The Federal Reserve conducts extensive research to help inform those decisions, he said — including looking at employment trends in the Bakken.
“There have been times when the labor market here is incredibly tight, and it’s not been so tight around the U.S. economy, and you’re drawing in workers from all over America to come here — creating opportunity, high wages, and also challenges here in the local economy,” Kashkari said of North Dakota.
Michael Achterling / North Dakota Monitor
Recently, that hasn’t been the case, though. The whole country has had more jobs available than workers to fill them.
“If you have a particularly hot sector, you can’t simply draw workers from the rest of the country, because everyone around the rest of the country also has tight labor markets,” he said.
According to Kashkari, tribal economies are another important part of the Minneapolis Federal Reserve’s research. That’s because even when the U.S. economy is strong, tribes often face barriers that prevent them from accessing that wealth.
Their hope is to identify policies that governments can use to break down those barriers.
“Tribal economies have a unique set of challenges,” Kashkari said. “The economy may do well, different businesses may do well, and we still have people who are not participating in our economy.”
So where is the U.S. economy right now?
A mix of factors — including COVID-19, supply chain issues, an increased demand for consumer goods and Russia’s invasion of Ukraine — caused global inflation to surge in 2021, 2022 and 2023.
These days, however, the economy is doing pretty well, Kashkari said.
Nationwide unemployment is relatively low — it was under 4% as of the end of April, according to the U.S. Bureau of Labor Statistics. And while inflation is still rising more quickly than ideal at around 3.5%, it’s a far cry from its peak of 9% in late 2022.
Consumer spending is also strong.
“As much gloom as there appears to be when people are surveyed about how they feel about the economy, most people are spending like they feel pretty good about the economy,” he said. “If you go on airplanes, they’re usually full. If you go to restaurants, they’re usually full. If you go to a hotel, they’re usually busy.”
The housing market has been unexpectedly resilient, too, he said. It’s remained competitive even after a series of mortgage hikes by the Federal Reserve in 2022 and 2023.
The average rate for a 30-year fixed mortgage hovered around 3% before 2022, but is about 7.5% today.
“We think that there’s a pent-up demand for housing,” Kashkari said. “There’s been a pent-up shortage of housing across our economy for the last decade.”
The conference, which has more than 2,200 attendees, continues through Thursday.
This story was originally published on NorthDakotaMonitor.com
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WILLISTON, N.D. (KFYR) – UPDATE (5/10/2026 at 11:45 p.m.): A fire broke out at a Williston recycling business Sunday evening, and no one was injured.
Multiple crews responded to Pallet Green Recycling just before 8:30 p.m., according to the Williston Fire Department. Crews arrived at the scene where they fought heavy smoke and flames.
Industrial storage containers were on scene, and officials say it is unclear what, if any, chemical residue was inside them. Officials believe there is no danger to the public.
Williston Fire Chief Corey Johnson said the fire was contained to the business’s exterior storage yard, and crews were not concerned about it spreading beyond the property.
“Right now, the structures are protected in the area. We’re not concerned about the fire spreading off of the lot,” Johnson said.
Multiple departments from across Williams County responded, and extra water trucks were brought in due to the fire’s remote location.
The cause remains under investigation.
This is a developing story. Your News Leader will provide updates as more information becomes available.
ORIGINAL STORY (5/10/2026 at 9:39 p.m.): Crews responded to a large fire at a storage yard in rural Williston on Sunday night.
The fire is located at Pallet Green Recycling, according to the business owner.
Sylvia Luebke captured video of the scene from a distance around 8 p.m. The fire sent a large plume of smoke over the area. Luebke said it was still burning as of around 9 p.m.
Williston Rural Fire is working to battle the fire. The department was unable to comment at this time.
The cause of the fire is unknown.
Copyright 2026 KFYR. All rights reserved.
Submitted Photo
U.S. soldiers with the Nebraska and North Dakota National Guards, assigned to Joint Task Force-District of Columbia in support of the DC Safe and Beautiful mission, pose for a group photo at a hotel in Alexandria, Virginia, April 28. N.D. National Guard 2nd Lt. Caleb Hill, front row, far left, served as the officer in charge of the mission when soldiers assigned to JTF-DC responded to the shooting incident at the White House Correspondents’ Association dinner April 25. About 2,500 National Guard members are supporting the DC Safe and Beautiful mission, providing critical assistance to the Metropolitan Police Department to help ensure the safety of residents, commuters and visitors throughout the District. U.S. Army National Guard photo by Staff Sgt. Thomas Norris.
WASHINGTON – U.S. soldiers with the North Dakota, Arkansas and Nebraska Army National Guard, assigned to Joint Task Force-District of Columbia in support of the DC Safe and Beautiful mission, responded to a shooting incident at the White House Correspondents’ Association dinner (WHCAD) at the Washington Hilton in Northwest Washington April 25.
The Guardsmen were at the WHCAD at the request of the U.S. Secret Service (USSS) as an additional patrol unit created specifically for the event, which celebrates the contribution of news organizations and independent journalists alike who provide notable coverage relating to the presidential administration.
“Our mission was to assist the U.S. Secret Service with crowd control,” said Capt. Kevin Peatrowsky, an operations officer with the Nebraska National Guard (NENG) assigned to JTF-DC.
As the Guardsmen were monitoring their area of operations, they saw USSS agents sprint toward the hotel entrance.
“They were running full speed with their weapons drawn,” said Sgt. 1st. Class Allen Haney, a team member with the Arkansas National Guard. “We immediately followed suit.”
Staff Sgt. Kirsten Confer, a NENG combat medic and battle captain, recalled her response to the incident: “We fell back on our basic training. You run toward danger and move in a way that makes sense for the situation.”
According to Confer, the Guardsmen entered the hotel and immediately began securing the scene and ensured that the guests evacuated safely. At the direction of a federal agent, Confer began a rapid trauma assessment on the suspect which resulted in finding knives and ammunition on the shooter. Simultaneously, the Arkansas soldiers moved outside to provide crowd control at a pedestrian barricade outside the hotel.
“From there, we assisted wherever we could,” said 2nd Lt. Caleb Hill, a National Guardsman from North Dakota who served as the officer in charge for the mission. “We were initially helping with crowd control. After that, we realized that the USSS had begun rerouting everyone in the hotel, so we moved to the doors. We were controlling entry into the venue, so we had moved a couple more people outside, so we had five inside, eight outside.” Both Arkansas and Nebraska worked well alongside one another and, alongside the federal agencies. Hill also noted that relying on his soldiers allowed him to move to different teams, which helped allow him to plan and coordinate with different agencies.
According to 1st Lt. Jonathan Goins, a platoon leader with the Arkansas National Guard, Arkansas soldiers also helped establish a security perimeter for the staging of the presidential motorcade. Later, the team assisted federal agencies and MPD with crowd control, which helped clear the way for the president and administration officials, he said.
“Guardsmen on this mission represent the very best of the nation,” said U.S. Army Brig. Gen. Leland Blanchard II, the interim commanding general of the District of Columbia National Guard. “The world got a brief glimpse, but I see them each day serving and doing amazing things across the District.”
FARGO, N.D. (KELO) — The Sioux Falls Stampede staved off elimination with a 2-1 overtime win over the Fargo Force in game four of the USHL Western Conference Finals Saturday night.
Thomas Zocco scored the game-winner 12 minutes into the extra period. Arseni Marchenko put Fargo on the board first in the first period. Noah Mannausau tied the game for the Herd in the second period.
Sioux Falls outshot Fargo 53-49, including 9-5 in overtime. Linards Feldbergs made 48 saves.
Three of the four games of the series have gone to overtime. The winner-take-all game five is Tuesday at the Premier Center.
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