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Kashkari: Inflation Still Elevated
Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, warned about the continued rise in inflation in the U.S. economy, noting that it remains far from a safe level even when excluding the volatility in the food and energy sectors. He pointed out that inflation is a widespread issue in the services sector and that current monetary policy tools lack solutions for global crises such as rising oil prices due to the war in the Middle East. He stated that the Federal Reserve's goal is to bring inflation back to 2%, with ongoing interest rate hikes, reflecting a hawkish stance to combat inflation, which is estimated at around 3.6%.
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