PiCK
Minneapolis Fed President Neel Kashkari "Labor market cooling is clear… inflation still high"
Summary
- Neel Kashkari, President of the Minneapolis Fed, said he expressed caution about a slowdown in the labor market and the risks of inflation.
- He reportedly emphasized uncertainties from labor market weakness, such as the possibility of a sharp rise in the unemployment rate.
- Kashkari said that price burdens are a persistent source of pressure on low- and middle-income households.
Neel Kashkari, President of the Minneapolis Fed, reiterated his caution about inflation amid signs of a slowdown in the labor market.
According to overseas economic breaking-news channel Walter Bloomberg on the 5th, Kashkari said in an interview with CNBC, "The labor market is clearly cooling." He went on to say, "The current level of inflation is still too high."
Kashkari also mentioned uncertainty regarding future employment indicators. He warned of the possibility that "the unemployment rate could suddenly rise from its current level," signaling potential weakening in the labor market.
On internal Fed personnel matters, he said, "I have no idea whether Chair Jerome Powell will remain in the Fed chairmanship after his term ends."
He also emphasized that "the anxieties of low- and middle-income households are focused on inflation," highlighting that the burden of prices continues to act as a sustained pressure on households overall.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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