2023-05-11 14:56:38
Minneapolis Fed President Neel Kashkari said on Thursday that inflation pressures remain too strong. He made the remarks as officials tried to gauge the impact of tensions in the banking sector on the U.S. economy.
Governor Kashkari
Photographer: Andrew Harrer/Bloomberg
“Inflation is coming down, but it’s still well above the Fed’s 2 percent target,” Kashkari said at an event in Michigan. “At the national level, wage growth has softened somewhat, but there is a strong sense that it is mixed,” he said.
He will have voting rights at this year’s Federal Open Market Committee (FOMC) meetings.
Kashkari said last month that there were “hopeful signs” that financial markets were calming down following the failure of Silicon Valley Bank (SVB) in March. But that was before First Republic Bank took control and was acquired by JPMorgan Chase. After this acquisition, regional bank stocks have continued to experience volatile price movements, such as falling sharply once more.
Regional Fed Governors Have Different Opinions on Whether to Continue or Stop US Interest Rate Hikes – Next Policy Meeting (1)
Original title:Fed’s Kashkari Says Inflation Too High, Wages Softened Somewhat(excerpt)
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