War Creates Uncertainty for Rate Path Says Fed's Kashkari (Full Panel)

Описание: Federal Reserve Bank of Minneapolis President Neel Kashkari, who had penciled in one interest-rate cut this year, said the attacks on Iran make him less certain about that.
“Now, with the geopolitical events, we need to get a lot more data in,” Kashkari said Tuesday at the Bloomberg Invest conference in New York. 
Kashkari added that the key question right now for inflation is how persistent higher energy prices are. The price of oil surged Monday and Tuesday after the US and Israel attacked Iran and signaled the conflict could last for weeks.
“Right now it’s just too soon to know what imprint this has on inflation and for how long,” Kashkari said. Fed officials are expected to keep interest rates unchanged when they meet this month, following similar action at their gathering in January. Market participants this week have also reduced the odds they see for two rate cuts before the end of the year.
Kashkari reiterated his support for Chair Jerome Powell, who has come under pressure from the Trump administration for not delivering more rate reductions. While Powell’s term as chair ends in May, he could choose to remain at the Fed as a governor until January 2028.
“I think Jay Powell has done a terrific job as a governor and as chair and I’d love it if he chose to continue,” Kashkari said.
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