Neel Kashkari, Interview: Women Corporate Directors, Minnesota Chapter

“So the problem for me with trying to say, “Hey, it’s time to pause.”, is we’re not even sure that we’ve got rates high enough to push services inflation down. So until I see some compelling evidence that core inflation and services inflation have at least peaked, I’m not going to be ready to declare a pause … we’re not even sure that the (inflation) problem’s not getting worse. I’m not ready to declare a pause until we at least have that confidence.”

“I’ve said publicly that I could easily see us getting into the mid fours early next year. But a lot’s going to depend on whether we start seeing… If we don’t see progress in underlying inflation or core inflation, I don’t see why I would advocate stopping at 4.5 or 4.75 or something like that. We need to see actual progress in core inflation and services inflation and we’re not seeing it yet. So if we see that… So that number that I offer is predicated on a flattening out of that underlying inflation, if that doesn’t happen, then I don’t see how we could stop.”