Minneapolis Fed urges cautious rate increases

The President of the Federal Reserve Bank of Minneapolis, Neil Kashkari, called for a gradual increase in interest rates to reduce inflation and avoid sharp jumps in the future, emphasizing that the current monetary policy is insufficient due to corporate profit pressures and a stable labor market. He indicated that this step could begin in September based on economic data, highlighting the importance of slow progress to prevent inflation from worsening. Meanwhile, a vote within the Federal Committee showed a division between those in favor of maintaining the current rates and those opposed. The committee remains uncertain about the future path of interest rates amid persistent inflation above the targeted 2%.

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