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MNI BRIEF: 'Concerning' CPI Pushes Back Cuts - Fed's Kashkari

(MNI) WASHINGTON

Minneapolis Fed President says he wants to see more progress on housing and services prices.

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Minneapolis Fed President Neel Kashkari said Wednesday the "concerning" CPI inflation report means the central bank will likely have to wait longer before reducing interest rates.

"My colleagues and I have all said we will cut interest rates once we get convinced that inflation is well on its way back into our 2% target," he told PBS Newshour. "We were waiting to see some more data to get that confidence. The recent data doesn't give me that confidence yet. So, for me personally, I think we have to wait a while longer to see more progress." Kashkari said he penciled in 2 interest rate cuts at the March FOMC meeting, conditioned that inflation continues to move toward the Fed's 2% target. (See: MNI INTERVIEW: 'Nothing Good' In CPI - Ex-Fed Board's Kamin)

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Minneapolis Fed President Neel Kashkari said Wednesday the "concerning" CPI inflation report means the central bank will likely have to wait longer before reducing interest rates.

"My colleagues and I have all said we will cut interest rates once we get convinced that inflation is well on its way back into our 2% target," he told PBS Newshour. "We were waiting to see some more data to get that confidence. The recent data doesn't give me that confidence yet. So, for me personally, I think we have to wait a while longer to see more progress." Kashkari said he penciled in 2 interest rate cuts at the March FOMC meeting, conditioned that inflation continues to move toward the Fed's 2% target. (See: MNI INTERVIEW: 'Nothing Good' In CPI - Ex-Fed Board's Kamin)

Keep reading...Show less