Minneapolis Fed President Neel Kashkari said that interest rates may remain elevated for an 'extended period' this year until policymakers see more evidence of inflation declining.
Minneapolis Federal Reserve President Neel Kashkari said Tuesday that the central bank will need to hold interest rates steady for an "extended period" that may last through the rest of the year. Kashkari made the remarks at a Milken Institute conference where he outlined what he would need to see in the inflation data before he can support interest rate cuts.
He said in March that he thought the Fed would need to deliver two interest rate cuts in 2024, but that he may mark that down to just one cut or even no cuts, depending on the data, when the central bank meets next month when fresh projections will be released by policymakers. FED HOLDS RATES STEADY AS INFLATION CASTS DOUBT ON FUTURE RATE CUTS The Fed raised the benchmark federal funds rate to a 23-year high of 5.25% to 5.
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