Kashkari Advocates for Immediate Interest Rate Hikes to Combat Inflation

Minneapolis Fed President Neel Kashkari is urging the Federal Reserve to raise interest rates now to combat inflation. He expressed this view in an interview with CNBC, contradicting the decision made by his colleagues at last week's policy meeting.

Kashkari was one of three Fed officials who dissented from keeping interest rates steady and preferred a quarter percentage point increase instead. He warned that waiting too long could lead to more aggressive rate hikes if inflation becomes entrenched.

When asked about the possibility of raising rates three times before the end of the year, Kashkari said it's not impossible. However, he emphasized the need for careful consideration and a review of incoming data before making any decisions at the Fed's next meeting in September.