Fed Reserve Bank of Minneapolis CEO and President Neel Kashkari told CBS' 'Face The Nation' Sunday that the current state of inflation is 'very concerning.'
Bank of Minneapolis CEO and President Neel Kashkari said Sunday that the current state of inflation is "very concerning" and "spreading out more broadly across the economy."
Minneapolis Federal Reserve President Neel Kashkari warned the current state of inflation is 'very concerning' and continues to 'spread out more broadly across the economy' during an appearance on CBS' 'Face The Nation' on Sunday, July 31, 2022. "Just at its basic level, inflation is when demand is outstripping supply. We know supply is low because of supply chains, because of the war in Ukraine,We hoped that supply would come online more quickly. That hasn't happened," Kashkari said. "So, we have to get demand down in the balance. Now, I hope we get some help on the supply side, but that doesn't change the fact that the Federal Reserve has its job to do, and we are committed to doing it.
Prior to the advance estimate of the country's GDP on July 28, the White House Council of Economic Advisors said that even if the figure is negative, it's still "unlikely" to be an indicator that the country is"Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession," a post on the White House website states.
Will Hild, executive director of Consumers’ Research told Fox News Digital that the country is in the middle of a recession despite what Biden and his administration suggest.
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