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Fed's Kashkari expects higher inflation continuing over next few months

Economy Nov 14, 2021 08:26PM ET
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© Reuters. FILE PHOTO: Minneapolis Federal Reserve Bank President Neel Kashkari poses during an interview with Reuters in his office at the bank's headquarters in Minneapolis, Minnesota, U.S., January 10, 2020. REUTERS/ Ann Saphir

By Kanishka Singh

(Reuters) -Minneapolis Federal Reserve Bank President Neel Kashkari said on Sunday he expects higher inflation continuing over the next few months but warned that the U.S. central bank should not overreact to elevated inflation as it is likely to be temporary.

"The math suggests we're probably going to see somewhat higher readings over the next few months before they likely start to taper off," Kashkari told CBS News' "Face the Nation" in an interview on Sunday https://cbsn.ws/3wN0aj6.

"But my view is we also need to not overreact to some of these temporary factors, even though the pain is real," Kashkari said in the interview.

Kashkari on Tuesday said he expects more clarity on the economic outlook by the time the Fed ends its bond-buying program in mid-2022, and is keeping an "open mind" on the timing of any rate hikes to follow.

President Joe Biden's economic advisers defended his policies on Sunday amid rising inflation that they said was a global issue related to the COVID-19 pandemic, not a result of the administration's programs.

U.S. consumer prices rose 6.2% in October compared to a year earlier, the fastest annual rate in 31 years, driven by surges in the cost of gasoline and other goods.

When asked about Biden's pending decision on whether to reappoint Fed Chair Jerome Powell to another term, or choose Fed Governor Lael Brainard to succeed him, Kashkari said both were capable.

"Well, I think both Chair Powell and Gov. Brainard are outstanding, very seasoned, experienced monetary policy makers, and I think if either of them got the nod from President Biden, I think we would be in very good capable hands", Kashkari said.

Fed's Kashkari expects higher inflation continuing over next few months
 

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Comments (10)
hd tv
hd tv Nov 15, 2021 12:42AM ET
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unfortunately the u.s surrendered to corporatocracy so along as high inflation leads to strong profits they won't do a thing about it. wall street has far to much power over Washington.
Vlad Lozovskiy
Vlad Lozovskiy Nov 14, 2021 10:05PM ET
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But but but wait!!!! Biden said that by dumping 3 more trillions into economy will fix inflation!!! He wouldn't lie!!! RIght???
Alfred Aita
Alfred Aita Nov 14, 2021 8:53PM ET
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Commodity prices akready starting to abate.
Craig Garrett
Craig Garrett Nov 14, 2021 7:15PM ET
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You see all that horrible inflation around you? Don't worry about that (as we print more than $100 billion every month).
Mart Bab
Rubberduck1973 Nov 14, 2021 6:57PM ET
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To all people trying to politicize inflation. Go on Facebook. Investing com is for traders, not for pointing fingers at the other side.
LUCY BLESSINGS
LUCY BLESSINGS Nov 14, 2021 6:57PM ET
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LUCY BLESSINGS
LUCY BLESSINGS Nov 14, 2021 6:57PM ET
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how are you doing
Vlad Lozovskiy
Vlad Lozovskiy Nov 14, 2021 6:57PM ET
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Thanks for the tip dude.
Meself Meself
Meself Meself Nov 14, 2021 6:54PM ET
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CashCarry away from you to the .1% brr brr infinity qe by q2 2022
Marcus Berntsson
Marcus Berntsson Nov 14, 2021 6:39PM ET
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Of course it's "transitory" what would he else say? "Sell your dollars now"
peter neal
peter neal Nov 14, 2021 6:18PM ET
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Buy Gold. Remember Hyperinflation of the 1970's....
Roger Rabbit
TheDonger420 Nov 14, 2021 6:18PM ET
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To which Nixon got rid of the gold standard. You contradict yourself.
Nov 14, 2021 6:18PM ET
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Toothbrushes, disposal razors, shampoo, laundry and dishwasher detergent, dish washing soap, distilled water, distilled vinegar, ramen, baker's chocolate, yams, potatoes, bananas, apples, etc,. 50 to 150% higher. At what point in time measured by the conventional intervals of weeks and months exceeding the span of a year is the line of transitory crossed? Powell has said in so many words that he is seeking an averaged inflation rate of 3% that by his definition includes prior years of lower inflation. He did not respond when a reporter asked the salient question how many years he intends to use for an averaged rate to meet his objective.
Rod Quasney
Rod Quasney Nov 14, 2021 5:56PM ET
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He's a real thinker y'all. How many months to late? Wow, just wow.
 
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