Kashkari Defends Interest Rate Hike Vote

Minneapolis Federal Reserve President Neel Kashkari defended his decision to vote in favor of raising interest rates last week, stating that it is now 'the time to start slowly moving up' as more data becomes available.

In an interview with CNBC, Kashkari argued that current monetary policy is not restrictive enough, pointing to strong corporate earnings and a robust labor market.

'Corporate earnings are through the roof. They're doing great,' he said. 'The consumer is hanging in there. The labor market is hanging in there.'

Kashkari emphasized that his goal is not to raise rates aggressively but rather to gradually increase them as data indicates it's necessary.

He was one of three officials who voted in favor of raising interest rates, with Cleveland Fed's Beth Hammack and Dallas' Lorie Logan agreeing with him.