Minneapolis Fed President Neel Kashkari says inflation remains “too high” even after new data show cooling price pressures. Speaking to CNBC’s Steve Liesman at a Council on Foreign Relations event, Kashkari reacts to Bureau of Economic Analysis figures that report PCE inflation that is softer than expected.
Kashkari’s comments emphasize that lower-than-forecast inflation does not mean the Federal Reserve has reached its goal. He points to the fact that annual inflation still stays above the Fed’s 2% target as of August. CNBC frames the remarks around how the softer PCE report compares with expectations, while The Hill focuses on Kashkari’s assessment that inflation remains inconsistent with the central bank’s target.
Across the outlets, the core message is consistent: Kashkari welcomes evidence of moderation but argues additional progress is still required before inflation is considered sufficiently close to the Fed’s goal. He is scheduled to appear in an exclusive conversation on CNBC Wednesday night.
