TechFlow news, according to Jinshi Data, Minneapolis Federal Reserve President Kashkari said on Monday that given the unexpectedly strong U.S. economy, the Federal Reserve may need to raise interest rates further and keep them elevated for some time to bring inflation back down to 2%.
It is understood that Kashkari is among the officials who believe one more rate hike is needed by year-end. He also stated that if inflation cools as expected next year, the Fed will need to cut rates to avoid excessive policy tightening. However, he added that he was surprised by how well consumer spending has held up despite the Fed's rate hikes so far.
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