Fed Official Warns Inflation Remains High Across All US Sectors

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, warned that inflation is still too high across all sectors of the U.S. economy, despite recent interest rate hikes.

Kashkari stated on Fox News' 'Sunday Morning Futures' that even if energy and food prices are stripped out, inflation remains elevated relative to the economy's trajectory.

The latest data confirm Fed officials' concerns, with the core Personal Consumption Expenditures (PCE) price index increasing 3.3% year over year in July, above the Fed's 2% target.

Kashkari emphasized that monetary policy alone cannot resolve geopolitical supply-side challenges and acknowledged that interest-rate tools cannot lower oil prices or reopen critical global energy arteries.