The Fed: Fed’s Kashkari saw no need to raise interest rates this week as inflation remains tame

Minneapolis Fed President Neel Kashkari

Minneapolis Fed President Neel Kashkari on Friday said he dissented from the U.S. central bank’s decision to hike interest rates earlier this week because not all that much had changed in the outlook for inflation since the January meeting.

While there were some signs that inflation was picking up, it was not happening rapidly, Kashkari said in a statement.

“Not much has changed since the last FOMC meeting,” he said.

The Minneapolis Fed president, who is a voting member for the first time this year, said he wanted the next policy step taken by the Fed to be a release of a detailed plan on “how and when” to shrink its massive balance sheet.

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