Kashkari Warns of Persistent US Inflation Despite Rate Hikes
Minneapolis Federal Reserve President Neel Kashkari recently expressed concerns about inflation in the US economy, stating that it remains too high across all sectors. In an interview with Fox News' 'Sunday Morning Futures', he emphasized that even when stripping out volatile energy and food prices, inflation is still a significant issue.
Kashkari's comments come after the Federal Reserve raised interest rates by a quarter percentage point to 3.75%-4.00% in a unanimous vote last week. This increase was supported by Kashkari, who had previously dissented against leaving rates unchanged at the Fed's prior meeting.
He acknowledged that crude oil prices have soared due to the escalating Middle East conflict and Saudi Arabia's pipeline closure, but emphasized that inflation is a broader problem affecting all aspects of the economy. 'The inflation that the American people are feeling every day is much beyond just oil prices,' he said.