Federal Reserve Bank of Minneapolis CEO Neel Kashkari said inflation is “very concerning” despite most Americans seeing increased wages and the Federal Reserve must drive down demand.
Rep. Kevin Brady discusses how Biden is still denying that the U.S. has entered a recession on ‘Fox Business Tonight.’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."
Kashkari stressed that although wages are increasing for many Americans, so are the costs of goods and services, which means workers experience a "real wage cut" becauseHe said wage-driven inflation is not happening, and the cost of goods is partially due to disruptions in the supply chain, namely caused by the pandemic and now the war in Ukraine.
Minneapolis Federal Reserve President Neel Kashkari visits"Maria Bartiromo's Wall Street" at Fox Business Network Studios on March 29, 2019, in New York. "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, because of COVID. 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.
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