president of the Federal Reserve Bank of Minneapolis stated that although policymakers haven’t completely ruled out more interest rate hikes, the US central bank’s position is restrictive.
“I don’t think anyone has completely eliminated the possibility of rate increases,” Kashkari stated on Tuesday at a London event. “It seems unlikely that we will raise rates, but I don’t want to rule anything out.”
Neel Kashkari Said,
In an interview with CNBC earlier on Tuesday, Kashkari reiterated his past statements that policymakers shouldn’t lower interest rates until they have further proof that inflation is declining, particularly in light of the robust labour market and robust economy
In comparison to what we believe would ultimately be consistent with the 2% inflation target, wage growth is still fairly substantial, he stated.
Before deciding on any new strategy, he continued, “We have time to assess how much downward pressure we are putting on demand.”
The Fed’s next meeting, which is scheduled for June 11–12 in Washington, is almost certainly going to maintain interest rates at a 23-year high.
At the Barclays-CEPR International Monetary Policy Forum, Kashkari delivered a speech.
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