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Fed Official Reports Persistent Inflation
Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, stated that inflation in the United States remains high and is impacting various aspects of the economy, not just oil prices, despite the exclusion of the energy and food sectors. He confirmed that the inflation trajectory reflects ongoing price pressures, and that the Federal Reserve will continue to tighten monetary policy to address this, after raising interest rates to a range of 3.75% to 4%. Inflation remains above the Federal Reserve’s 2% target, with the Consumer Price Index increasing by 0.4% month-over-month and 3.4% annually in August, amidst rising oil prices above $100 per barrel due to energy supply disruptions linked to the war in the Middle East.
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