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

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Nov 14 (Businesshala) – Minneapolis Federal Reserve Bank Chairman Neil Kashkari said on Sunday he expects high inflation to continue over the next few months, but warned the US central bank should not overreact to increased inflation Because it is likely to be temporary.

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“The math shows that we’re probably going to see some more readings over the next few months,” Kashkari told CBS News’ “Face the Nation” in an interview on Sunday. cbsn.ws/3wN0aj6,

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“But my view is that we shouldn’t overreact to some of these temporary factors, even if the pain is real,” Kashkari said in the interview.

Kashkari said on Tuesday that he expects more clarity on the economic outlook by the time the Fed ends its bond-buying program in mid-2022, and keeps an “open mind” on the timing of any rate hikes. Is.

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

Last week US consumer prices posted their biggest annual gain in 31 years, driven by a jump in the prices of gasoline and other goods. (Reporting by Kanishk Singh in Bengaluru; Editing by Daniel Wallis)

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