Kashkari: Not Seeing Progress On Inflation Yet, Can't Repeat 1970s Mistake

• Kashkari ('23 voter) with a similar take to Bullard that “want to avoid mistake from 1970s when policy makers cut too soon – a mistake we cannot make this time.”
• On policy stance: “The overall stance of policy right now is tight. Those real 5Y and 10Y real rates are substantially above where they were prior to the pandemic when close to neutral. Is it tight enough? I don’t know but we’re starting to tamp the brakes.”
• Other Bloomberg headlines:

*KASHKARI: WE NEED TO SEE PROGRESS ON INFLATION, NOT SEEING YET

*KASHKARI: FED IS MOVING VERY AGGRESSIVELY, POLICY ACTS WITH LAG

*FED'S KASHKARI SAYS MARKETS ARE GETTING THE FED'S MESSAGE

• Fed Funds hikes have continued to cool through the day, down to a 68.5bp hike for the Nov 2 FOMC and with the terminal now sitting at 4.57% for the May'23 FOMC from yesterday's US session high of 4.75%.