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Neel Kashkari

President, Federal Reserve Bank Of Minneapolis

Search every verified Neel Kashkari interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis, has recently stated that inflation remains too high, running at around 3% and elevated for more than five years, and that the Fed "will do what we need to do to get inflation back down to our target." He has expressed uncertainty about how high interest rates may need to go, citing massive demand for investment capital and its effect on the neutral rate. Kashkari also noted that the gap between the current two-year Treasury yield and the implied two-year rate from the Fed's dot plot is the largest on record, which he described as a potential signal. He has attributed much of the recent inflation to successive supply shocks, including trade and tariff conflicts and the conflict in Iran, saying that "the longer there's back and forth" on these fronts, "the imprint in inflation ends up being extended and delayed." Kashkari dissented from a recent Fed decision, saying he does not see evidence that monetary policy is "particularly restrictive right now" and that he would prefer to "get going now in small steps" rather than risk an entrenched inflation problem. He has described the broad economy as strong and resilient despite high yields, though he acknowledged weakness in housing and areas adjacent to it. On fiscal policy, he said the US debt trajectory is on an "unsustainable path" and that it is up to fiscal actors, not the Fed, to design a package to address it. He also discussed the value of communicating his "reaction function" to the public, describing it as sharing the elements he looks at as a policymaker rather than making promises about future policy.

Recent appearances

Verified interview transcripts

Notable quotes

“Well, it's an interesting question that I've dug into with my staff. Um, today I think the two-year ended around 488. And if you look at the summary of economic projections, which is the dot plot that gets a lot of attention, you can compute an implied two-year rate from the expected path of interest rates in the dot plot. You look at the median dot. Our calculation is the median dot implies a two-year of a little ov”

“My basic takeaway on the inflation data is that inflation is still too high. It's running you know there many different measures of inflation but it's running at around a 3% rate. Uh it's been elevated now for more than 5 years. I didn't think the inflation data today really changed that story for me very much. Uh but we also saw that consumers keep spending, the economy is resilient. The bigger surprise to me today ”

“I think the best thing we can do is what we've been doing, which is focusing on the data, focusing on the analysis, make our best call that we can and explain the data that we're looking at and why, what's leading us to those conclusions. That's the best thing that we can do. I was in the Midwest this week and basically hearing from business people that diesel, diesel, diesel is their concern because that's spreading”

“It will be effective. I mean, we will do what we need to do to get inflation back down to our target. Now the question is ultimately how high. Of course, what you're asking is how high do rates have to go? I don't know the answer to that. You think about you or you are both just talking about massive demand for investment capital. I think about that in the context of what does it do to the neutral rate. The neutral r”

“No. I hear you, but this goes back to the fundamental question of if it's a one time supply shock, should monetary policy respond to it? And my view on that has evolved. If it's truly a one time supply shock, fine. If it's five years of a sequence of onetime supply shocks, at the end of the day, it's the Fed's job to get inflation back down. I did this exercise a few months ago where I had different AI tools. Go back”

“Well, it will be effective. I mean, we will do what we need to do to get inflation back down to our target. Now the question is ultimately how high? Of course, what you're asking is how high the rates have to go. I don't know the answer to that. You know, you think about you were you were both just talking about massive demand for investment capital. I think about that in the context of what does it do to the neutral”

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