Fed Is ‘Far, Far Away’ From Declaring Win on Inflation Despite White House Victory Lap: Kashkari

Fed Is ‘Far, Far Away’ From Declaring Win on Inflation Despite White House Victory Lap: Kashkari
President of the Federal Reserve Bank of Minneapolis Neel Kashkari speaks during an interview in New York, on March 29, 2019. Shannon Stapleton/Reuters
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The president of the Federal Reserve Bank of Minneapolis has said that the Central Bank is “far, far away from declaring victory” on inflation, despite the Biden administration praising “zero percent” inflation in July, which prompted some confusion.

Neel Kashkari told Reuters on Aug. 10 that he believes the U.S. central bank will need to raise its policy rate another 1.5 percentage points in 2022 and more in 2023, even if doing so prompts an economic downturn in the “near future,” noting that “We have to get back to 2 percent inflation.”
Katabella Roberts
Katabella Roberts
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Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.
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