Some final remarks from Minneapolis Fed Pres. Kashkari: right now by most measures the labor market is very strong if job market softens a little bit to bring down inflation, that’s not much of a trade-off a recession would most hurt low income workers but if we don’t get inflation under control, low income workers are also the ones hurt the most we have to do our best to achieve our dual mandate I’m hoping we get some help along the way so Fed doesn’t have to do all the work on the breaking down inflation I am still optimistic labor force participation will rise further, but priority is bringing down inflationI expect home price growth to at least start cooling offI don’t really buy into the “great resignation” theoryLots of people are switching jobsMy business contacts are telling me they need a more robust supply chain to reduce vulnerabilitiesWe have to avoid a wage price spiral taking placeWe need to get rates to at least neutral and moderately above by the end of the year or early nextHow much we need to go beyond neutral depends on incoming dataWe are going to walk the walk on our forward guidance Kashkari is a alternate member on the FOMC this year. He will be a full voting member next year and tends to be 1 of the more dovish Fed President’s.
Fed’s Kashkari: We have to do our best to achieve our dual mandate
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