Federal Reserve Bank of Minneapolis President Neel Kashkari said on Thursday that the U.S. was making positive moves to curb inflation, but that the pace of inflation was more than policymakers could tolerate. .
“Inflation is slowing right now. But he said inflation was “still too high.”
He will vote at this year’s Federal Open Market Committee (FOMC) meeting. He said he was “surprised” that the “economy is doing very well” and the labor market “remains very strong” despite the Fed’s aggressive interest rate hikes.
“The question in my head is, ‘Have we taken enough steps to actually bring inflation back to the authorities’ 2% target, or do we need more?’”
Fed debate moves from ‘how high’ to ‘how long to stay high’
Minneapolis Fed President Kashkari Talks About Inflation
Source: Bloomberg
U.S. CPI core index slows for 2nd straight month, hopes for subduing inflation (3)
“Is rate hikes over? I myself am not ready to say it is over,” Kashkari said. “But there are encouraging signs. For example, we may be in the process. We’ll take a little more time, look at more data, and then decide if further action is necessary.”
U.S. Retail Sales Growth Exceeds Market Expectations in July;
Original title:Kashkari Says Fed Sees Inflation Progress But Rate Is Too High(excerpt)
(Adds remarks and video from Governor Kashkari)
2023-08-15 16:22:00
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