Fed Kashkari: We cannot be overly persuaded by one month’s data

Minneapolis Fed President Neel Kashkari said yesterday, “I need to be convinced that inflation has at least stopped climbing, that we’re not falling further behind the curve, before I would advocate stopping the progression of future rate hikes,” adding, “we’re not there yet.”

Kashkari acknowledged that October CPI data provided “some evidence that inflation is at least plateauing.” Yet, “we cannot be overly persuaded by one month’s data.”

“It’s an open question of how far we are going to have to go with interest rates to bring that demand down in the balance,” he said.

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