MNI BRIEF: Fed's Kashkari Sees Several More Rate Hikes

Minneapolis Federal Reserve President Neel Kashkari on Wednesday pushed back against the idea of a pause in rate hikes because inflation remains too dangerous.

"It will be appropriate to continue to raise rates at least at the next few meetings until we are confident inflation has peaked," Kashkari wrote in an essay for Medium. "While I believe it is too soon to definitively declare that inflation has peaked, we are seeing increasing evidence that it may have."

The essay showed his December dot plot projection with a rate of 5.4% this year and a decrease in 2024, a profile that's higher than the FOMC median. "The mistake the FOMC must avoid is to cut rates prematurely and then have inflation flare back up again. That would be a costly error," he wrote.