Fed's Kashkari: Fed must focus on inflation risks; it is too early to predict the next move
Golden Ten Data reported on May 27 that Minneapolis Federal Reserve President Kashkari stated on Wednesday that the Federal Reserve must focus on containing the accumulating inflation risks, but it is “still far from” the time to predict the timing of the next rate adjustment. Kashkari also noted that the “inflation shockwave” triggered by the Middle East war could persist, and this concern is gradually being reflected in the bond market. Speaking about the impact of the Middle East war on the US economy, Kashkari said that, compared to the risk of labor market deterioration, current inflation risk seems more significant; however, he emphasized that the Federal Reserve “must pay attention to both.” Kashkari previously supported the Federal Reserve’s decision in April to keep interest rates unchanged, but he is also one of the officials who opposed retaining the dovish forward guidance. He stated that the Federal Reserve should adopt “neutral guidance,” meaning that future interest rates depend on subsequent data performance. He said: “Since that dissent—which has been several weeks now—I think most data suggest that inflation risks are rising, not falling.” When asked if he still supports using neutral rather than hawkish wording, he said: “At the moment, I think yes.” But he also added: “I think, at this point, it is still far too early for me to predict the timing of the next move.”
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