Fed Reserve President Kashkari Wants 'Many More Months' of Inflation Progress Before Cutting Rates

Fed Reserve President Neel Kashkari said the central bank should wait for significant progress on bringing down inflation before cutting interest rates. Kashkari wants "many more months of positive inflation data" showing inflation declining consistently before considering a rate cut. He does not rule out the possibility of the Fed raising rates further if inflation fails to cool down. US inflation rose 0.3% in April but remained high at 3.4% annually. Kashkari says the Fed will ultimately achieve its 2% inflation target, but there is no need to "hurry" into rate cuts and that the Fed should "take its time."