Kashkari: Could Support Another 75bp Hike In July, Could "Relax" In 2024

Minneapolis Fed Pres Kashkari in a blog post on Medium implies that he could be toward the upper end of the 2022 Dot Plot tightening with 75bp in July and 50bp hikes for an undefined number of meetings thereafter, though he's "cautious" about too much front-loaded tightening:

• "While I supported increasing the federal funds rate by 75 basis points at this week’s meeting, and could support another such move in July, this uncertainty about how much tightening will be needed leads me to be cautious about too much more front-loading. A prudent strategy might be, after the July meeting, to simply continue with 50-basis-point hikes until inflation is well on its way down to 2 percent. Obviously, in such a scenario, the FOMC would still need to remain data-dependent and have the flexibility to account for economic developments that might arise."
• He also says the Fed could "relax policy somewhat in 2024. However, if the supply side of the economy does not improve, or if inflation expectations drift higher, then we might need to continue raising rates beyond what I forecast in my SEP submission."