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Minneapolis Fed President Neel Kashkari said Wednesday that the U.S. central bank probably will need to stay put for “a while longer,” to determine the direction of inflation.
He said the key question is how restrictive monetary policy is right now. That means “we probably need to sit here for a while longer to figure out where inflation is headed.
Also, consumption has been far higher than he would have guessed, and the housing market remains more resilient than he expected, Kashkari said at the Williston Basin Petroleum Conference in Bismarck, North Dakota.
Update at 12:33 PM ET: Kashkari said it might take higher borrowing costs in the near-term to achieve the 2% inflation goal, with mounting U.S. government debt.
This is a developing story. Check back for updates.
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