WASHINGTON: US inflation may finally be moving in the right direction, but the Federal Reserve (Fed) should not declare victory just yet, a member of ...
The Minneapolis Fed president says the US central bank could begin cutting its headline or ‘nominal’ interest rate next year if price increases continue to slow. – AFPpicUS inflation may finally be moving in the right direction, but the Federal Reserve should not declare victory just yet, a member of the Fed’s interest rate-setting committee said on Tuesday .
The Fed has raised interest rates 11 times since last year to tame high inflation, which surged above the US central bank’s long-term target of 2%. With inflation heading in the right direction, the Fed could now afford to “take a little bit more time to get some more data in before we decide whether we need to do more”, Kashkari said on Tuesday.
“I want to see convincing evidence that inflation is well on its way back down to 2%, and then it needs some time to run,” Kashkari said in response to a question about when the Fed would begin to cut rates.
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