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Fed’s Kashkari: Far, far, a long way away from claiming victory on inflation

Federal Reserve’s Neel Kashkari: said while he could be happier to see inflation surprised to the downside, the Fed isfar far a long way away from declaring victory on inflation. He added that ”this doesn’t change my rate hike path”, and he could be expecting 3.9% end of the year 4.4% end of next year.

The thought of rate cutting next year isn’t realistic. He said the Fed will raise rates and leave until inflation is well coming to 2%.

He said ”we could be in a recession soon and the chance of a recession wouldn’t normally deter him from doing what’s needed, getting inflation right down to 2%.

He could be speaking following today’s miss in July inflation data.

Prices rose 8.5% on an annualized basis in July, a slower pace compared to the 9.1% rise reported in June and below analysts’ consensus expectations for an 8.7% rise.

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