Neel Kashkari, Interview: Luther College

“You could imagine in a best case scenario, supply chains get better. COVID fades into the background. Then inflation will come down, some of it, on its own. And then we at the Federal Reserve will have to do less to get back down to our 2% target. But if Omicron continues to spread in China and supply chains continue to be disrupted, and of course, there’s the tragedy happening in Ukraine right now as well. All of that makes our jobs more difficult. We’re going to do what we need to do to get inflation back down, but an open question is, how much are we going to need to do, and it’s partly going to determine by some of these other factors that you just mentioned.”