Neel Kashkari, Speech/Interview: Minnesota Chamber of Commerce 2022 Economic Summit

“And then I’ll give you my own personal view. Once we’re certain that inflation has really, we’ve hit the ceiling, then I feel like, Okay, we can take some time and let some of the catching up take place. Let’s see the full effects of our policy. But I need to be convinced that inflation has at least stopped climbing, that we’re not falling further behind the curve before I would advocate stopping a progression of future rate hikes. So we’re not there yet.”

“So here’s the thing, we are raising interest rates to try to cool down demand. And the overwhelming feedback I’m getting from all of you is you still have plenty of demand and you can’t find workers to meet that demand. So I’m not seeing much evidence of cooling in this room. So have we done enough? I don’t know. So until we start seeing some evidence that underlying demand is really starting to moderate, it makes me very hesitant to try to predict when we’re going to be done raising interest rates, because our objective is to reduce demand and bring that into balance with supply, and you are all telling me you still have a lot of demand. Maybe that’s not the message you wanted to send me, but that’s the message I’m taking away from this conversation.”