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Regardless, it means the Fed has to determine whether inflation has truly stalled above target or whether price pressures will eventually continue to ease - a key issue that could force policymakers to decide whether it is worth risking a recession with even tighter monetary policy in order to squeeze a few tenths of a percentage point from the pace of price increases.
Kashkari did not settle on an answer or update his views on the proper path of monetary policy. Prior to the Fed's last meeting he said that disappointing inflation data and ongoing growth might mean the Fed does not cut interest rates at all this year, but that further increases in the benchmark policy rate were"not a likely scenario."The U.S. central bank at its meeting last week kept the benchmark policy rate steady in a range of 5.25% to 5.
It's a number which, at one and the same time, represents a marked drop from the more than 7% rate seen during a breakout of inflation in 2022, remains too high for policymakers to say their job is finished, yet is close enough to 2% that there may be reluctance to raise interest rates further and risk the sort of rise in joblessness policymakers have hoped to avoid.
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