Economics
Fed Leaders, Unswayed by Softer CPI, See Rate Hikes Into 2023
- Kashkari says softer inflation data don’t change Fed’s path
- Inflation has eased but it’s ‘unacceptably high,’ Evans says
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Federal Reserve officials responded to softening inflation data by saying it doesn’t change the US central bank’s path toward even higher interest rates this year and next.
Minneapolis Fed President Neel Kashkari, who prior to the pandemic was the central bank’s most dovish policy maker, said Wednesday that he wants the Fed’s benchmark interest rate at 3.9% by the end of this year and at 4.4% by the end of 2023.