2/7, 12:59 PM (Source: TeleTrader)
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Fed's Kashkari: Bank has not made enough progress

President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, stated Tuesday that after January's nonfarm employment report, the bank still has work to do when it comes to controlling inflation.

"We have a job to do. We know that raising rates can put a lid on inflation," Kashkari said in an interview with CNBC while stressing that the bank needs "to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy."

A week ago, the US Bureau of Labor Statistics revealed that nonfarm employment in the country increased by 517,000 in January, the strongest growth for the first month of the year since 1946.

Baha Breaking News (BBN) / JG