Fed’s Kashkari says inflation goes beyond oil prices, according to Fox News interview
Kashkari said the Fed must keep pressure on prices as inflation runs above its 2% target and extends beyond energy costs.
- On Sunday, Minneapolis Federal Reserve President Neel Kashkari told Fox News that inflation is affecting all aspects of the American economy, extending well beyond volatile oil prices.
- Kashkari supported last week's unanimous vote to raise interest rates to 3.75%-4.00%, emphasizing that the Fed's primary job is returning inflation to its 2% target.
- Fed Chairman Kevin Warsh estimated inflation was likely around 3.6% in August, warning that too many categories are posting increases above 3% on both six- and 12-month bases.
- Kashkari stated the Fed has tools to lower inflation but needs help from other sectors, saying, "Hopefully, we'll get some help from other parts of government or other parts of the real economy.
28 Articles
28 Articles
US Market: Fed's Kashkari says US inflation still too high despite rate hike
Minneapolis Fed President Neel Kashkari said US inflation remains too high and is broad-based, extending beyond recent energy price increases, with persistent pressures across services and other parts of the economy. His comments highlight the challenge of bringing inflation back to the Fed’s 2% target.
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, assessed that U.S. inflation is not limited to rising oil prices but is at an excessively high level across the entire economy. Appearing on Fox News on the 20th (local time), President Kashkari stated, "Even excluding highly volatile energy and food prices—which are important, of course—inflation is still too high when considering where the economy is headed." He
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