Minneapolis Fed President's interest rate message

Minneapolis Fed President Neel Kashkari said interest rates should remain steady for “a long time.” Minneapolis Fed President Neel Kashkari said lowering borrowing costs before inflation is brought under control would put the foundations of U.S. prosperity at risk. “The economy is very strong in the U.S., the labor market is strong, inflation is falling and a lot of people are deeply unhappy with the state of the economy. I think that’s because of the high inflation that they’ve had,” Kashkari said on TV. The Fed is expected to keep interest rates on hold at a 23-year high of 5.25% to 5.5%, while ratemakers say they want more evidence that inflation is on track to hit their 2% target. “My best guess right now is that we’re going to keep rates here for a long time until we get more data that convinces us one way or another that inflation is really on a downward trajectory,” Kashkari said.