US inflation is slowing but still remains too high, Federal Reserve Bank of Minneapolis (FRB) Governor Neel Kashkari said.
“The question that concerns me is whether we have done enough to bring inflation back to the Federal Reserve’s 2% target or whether we need to do more,” Kashkari said during an event on Tuesday.
“Inflation is slowing. We’ve made progress and good progress. I’m happy with that. But it’s still too high,” Market Watch quoted Kashkari as saying.
The pace of U.S. consumer price growth accelerated to an annualized rate of 3.2% in July, up from 3% in June.
The head of the Minneapolis FRB has a vote on the Federal Open Market Committee (FOMC) this year.
The Fed raised the benchmark interest rate by 25 basis points to 5.25-5.5% in July, a 22-year high. Judging by the quotations of futures on the rate level, traders expect it to remain at the same level following the results of the September FOMC meeting.
