Federal Reserve Member: Inflation Persistently High

Federal Reserve Board member Neil Kashkari confirmed that inflation remains high across all sectors of the U.S. economy, not solely due to rising oil prices, as there is also an uptick in the services and essential goods sectors. He approved the decision to raise interest rates by a quarter of a percentage point to the range of 3.75-4.00%, with expectations that it may be increased again at least once more before 2026. He explained that inflation far exceeds oil prices and is linked to various aspects of the economy, emphasizing that the central bank's tools can help reduce it, despite the fact that oil prices are driven by geopolitical conflicts in the Middle East.

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