logo
null
null

Fed's Kashkari: Jobs report shows why more rate hikes needed

The solid U.S. jobs report for October underscores why the Federal Reserve needs to keep raising interest rates higher than it had previously forecast to control inflation, says Neel Kashkari, president of the Federal Reserve Bank of Minneapolis

By CHRISTOPHER RUGABER
Published - Nov 04, 2022, 01:31 PM ET
Last Updated - Jun 23, 2023, 07:31 PM EDT

WASHINGTON (AP) — The solid U.S. jobs report for October underscores why the Federal Reserve needs to keep raising interest rates higher than it had previously forecast in order to control inflation, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Friday. 

In an interview with The Associated Press, Kashkari said that at the Fed’s next meeting in December, he expects to issue a higher forecast for where the central bank's benchmark rate will be next year than he did in September. He declined to specify how high a rate he envisions for 2023.  

Friday's jobs data showed that hiring is “quite healthy” despite some slowing in recent months, Kashkari said. 

"That tells me we have more work to do to try to cool down the economy and bring demand and supply into balance,” he added.  

Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
4.2 12182024