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9/27, 7:45 PM (Source: TeleTrader)
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Fed won't cut rates once economy weakens - Kashkari

Federal Reserve Bank of Minneapolis President Neel Kashkari told Wall Street Journal in an interview on Tuesday that the Federal Reserve "will not repeat the past mistake of cutting rates once the economy weakens," assuring that a "soft landing is still possible."

"We are committed to restoring price stability, but we also recognize, given these lags, there is the risk of overdoing it on the front end, and so I think we are moving at an appropriately aggressive pace," Kashkari explained, adding that Fed policymakers are working together to bring inflation down to its target.

The Federal Reserve Bank of Minneapolis president underscored the tightening policy will continue until signs of declining inflation are evident, stressing that the raging prices were caused by a surge in demand, supply bottlenecks, and war in Ukraine.

Baha Breaking News (BBN) / AB