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Kashkari - Need To Pay More Attention To Actual Inflation Data With Question Over Models

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Kashkari (non-voter) speaking in a fireside chat on his economic outlook. There has so far been little specific reaction to today's CPI report. Bloomberg headlines:
  • FED'S KASHKARI: NEED TO PAY MORE ATTENTION TO ACTUAL INFLATION
  • HOUSING MARKET HAS BEEN MORE RESILIENT THAN EXPECTED, HOUSING IS AN AREA I'M VERY FOCUSED ON RIGHT NOW
  • BIG QUESTION IS HOW RESTRICTIVE POLICY IS RIGHT NOW, THAT TELLS ME PROBABLY NEED TO WAIT 'A WHILE LONGER'

Context on the above point about paying attention to actual inflation data: "We’ve got very sophisticated models to try and predict how the inflation data will respond. Those models have not done a very good job given some unique dynamics. So we have to pay more attention to what’s happening to actual inflation and what’s happening in the real economy. That means are Americans spending? People have been spending a lot more than I would have guessed given where interest rates are." [in light of today’s retail sales miss]

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Kashkari (non-voter) speaking in a fireside chat on his economic outlook. There has so far been little specific reaction to today's CPI report. Bloomberg headlines:
  • FED'S KASHKARI: NEED TO PAY MORE ATTENTION TO ACTUAL INFLATION
  • HOUSING MARKET HAS BEEN MORE RESILIENT THAN EXPECTED, HOUSING IS AN AREA I'M VERY FOCUSED ON RIGHT NOW
  • BIG QUESTION IS HOW RESTRICTIVE POLICY IS RIGHT NOW, THAT TELLS ME PROBABLY NEED TO WAIT 'A WHILE LONGER'

Context on the above point about paying attention to actual inflation data: "We’ve got very sophisticated models to try and predict how the inflation data will respond. Those models have not done a very good job given some unique dynamics. So we have to pay more attention to what’s happening to actual inflation and what’s happening in the real economy. That means are Americans spending? People have been spending a lot more than I would have guessed given where interest rates are." [in light of today’s retail sales miss]