Minneapolis Federal Reserve President Neel Kashkari said Sunday that inflation remains too high across all sectors of the US economy, beyond just rising oil prices. He supported last week’s unanimous vote to raise interest rates by a quarter percentage point to a range of 3.75% to 4.00%. According to Kashkari, inflation affects all aspects of the economy, particularly the services sector, and the Fed has the tools to bring it back down to its 2% target. Fed Chairman Kevin Warsh estimated that inflation measured by the central bank’s preferred gauge was around 3.6% in August.
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