Minneapolis Fed President Neel Kashkari said on Feb. 7 that the central bank will need to keep aggressively raising interest rates, pointing to a stronger-than-expected jobs report in January.
Kashkari told CNBC’s “Squawk Box” that the Bureau of Labor Statistics (BLS) report published on Feb. 3 (pdf) shows that the Federal Reserve’s aggressive monetary tightening policies over the past year have not yet had much of an impact on the labor market.
According to the BLS report, the U.S. economy created 517,000 new jobs in January, up from an upwardly revised 260,000 in December and beating economists’ expectations of 185,000.
Meanwhile, the unemployment rate dropped to 3.4 percent, down from 3.5 percent and below the market estimate of 3.6 percent….