Neel Kashkari, president of the Minneapolis Federal Reserve, poured cold water on optimism that the Fed could rein in inflation and begin lowering interest rates by 2023 during an appearance on CBS News’ Face the Nation Sunday.
Bond market prices imply that following consecutive interest rate hikes of 0.75% in June and July — the largest two month-increase in thirty years — investors expect the Federal Reserve to get inflation under control and begin lowering interest rates sometime next year, according to The New York Times. But Kashkari said that such hopes are premature, suggesting that investors’ predictions for near-term rate decreases is misguided since inflation is stubbornly persisting.
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