Minneapolis Federal Reserve President Neel Kashkari says that inflation is too high and is affecting all aspects of the US economy, not just oil prices, Reuters reports.
“So even if we strip out energy, which is really volatile, and strip out food — they matter a lot — but in terms of where the economy is going, inflation is still too high,” Kashkari told Fox News’ “Sunday Morning Futures” program.
“We’re going to do our part, and then hopefully we will get some help from other sectors, sectors of the economy, as things go back to normal.” Kashkari supported the unanimous vote last week to raise interest rates by a quarter percentage point to 3.75pc-4.00pc. He was one of three officials to dissent at the Fed’s prior meeting in favor of a hike when the majority of the Federal Open Market Committee then opted to leave rates unchanged.
