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Kashkari: Inflation Persists in U.S.
Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis, warned about the continued rise in inflation and its widespread impact on the U.S. economy, noting its ongoing spread across the service sectors and its volatility in the energy and food sectors. He emphasized that current monetary policy tools do not offer a solution to global crises such as the rise in oil prices resulting from the Middle East conflict. Kashkari reaffirmed the Fed's commitment to reducing inflation to the targeted 2%. The recent interest rate hike brought the rate to between 3.75% and 4.00%, as part of efforts to curb inflation, which is estimated at around 3.6%.
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