Kashkari: Inflation a Widespread Issue, Not Just Oil Prices

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, discussed inflation in an interview with Fox News' 'Sunday Morning Futures' program. He stated that inflation is too high and affects all aspects of the US economy, not just oil prices.

Kashkari supported the unanimous vote to raise interest rates by a quarter percentage point to 3.75%-4.00%. This increase was a result of the Federal Open Market Committee's decision, which Kashkari had also advocated for in their prior meeting.

Despite stripping out energy and food prices, which are volatile, inflation remains high, according to Kashkari. He expressed hope that other sectors will contribute to normalizing the economy as things go back to normal.