Minneapolis Federal Reserve President Neel Kashkari said on Wednesday in an interview with CNBC that the central bank could have to raise interest further if the economy does not slow as intended. However, he warned that if downside scenarios for growth like the government shutdown or the auto strike, hit the economy they might have do to less with monetary policy to bring inflation back to the target.
Kashkari explained that the US economy has been surprisingly resilient. Regarding his projections, he sees no rate changes in 2024. "Higher oil prices won't alone warrant more rate hikes," he added.
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