'We need to get the economy back into balance,” Minneapolis Fed President Neel Kashkari said Sunday, admitting the Fed is 'a long way away” from its 2% inflation goal.
Calling the latest inflation readings “very concerning,” Federal Reserve Bank of Minneapolis President Neel Kashkari said Sunday that the central bank is still committed to its goal of 2% inflation.
““We’re going to do everything we can to try to avoid a recession, but we are committed to bringing inflation down and we are going to do what we need to do.”” Last Wednesday, the Fed ended its two-day policy meeting with another 75-basis-point rate hike in an effort to curb soaring inflation. When asked about whether the U.S. is in a recession, Kashkari said there were “mixed signals,” citing a “very strong” labor market, and said that whether there’s technically a recession or not, he’s focusing on inflation and jobs data.
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