Minneapolis Fed President Neel Kashkari said on Friday that the Federal Reserve will do all it takes to tame surging prices but that he hopes monetary policy screws won’t have to be tightened all that much, with his remarks coming amid mounting recession fears and concerns that aggressive rate hikes might tip the economy into a slowdown.
Kashkari made the remarks on May 13 during a virtual conference co-hosted by the Federal Reserve Banks of Dallas and Minneapolis on the topic of energy and inflation.
“We’re here because inflation is much too high,” Kashkari said, as the latest consumer price index (CPI) numbers showing that the annualized pace of inflation in April came in at 8.3 percent, close to a 40-year high.
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