In an interview on CBS's 'Face the Nation' on Sunday, Kashkari said projections for a quick economic turnaround were overly optimistic unless a vaccine for COVID-19 became available in the next few months.  

'It would be wonderful if some new therapy were developed in the next couple months,' Kashkari said. 'Then potentially we would have a V-shaped recovery' – a term which describes a steep market decline followed by a quick resurgence.

But Kashkari, who oversaw the U.S.'s Troubled Asset Relief Program implemented in the wake of the 2008 financial crisis, gloomily added: '[That] barring some health-care miracle, it seems we're going to have various phases of rolling flare ups.'

Such with a process, according to Kashkari, would involve 'different parts of the economy turning back on, [and] maybe turning back off again,' as part of an 18-month strategy.

Looking ahead, Kashkari says he isn't expecting the U.S. economy to bounce back quickly.