Neel Kashkari on trade policy

About Neel Kashkari

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, has said inflation remains "too high" and that the central bank must remain cautious about lowering interest rates until it is confident inflation will return to its 2% target. In several appearances in early to mid-2026, Kashkari noted that inflation had been above target for more than five years and was running at around 3%, a "50% miss." He cited the Iran conflict as having created an "energy shockwave" that has upended the inflation outlook by driving up oil, fertilizer, and other commodity prices. Kashkari described the effect of tariffs as a "stagflationary shock" that pushes up prices while potentially slowing economic growth. He also stated that losing Federal Reserve independence would result in "higher inflation year in year out" that would affect all Americans. Regarding interest rate policy, Kashkari said in May 2026 that he voted with a majority to hold rates steady, but noted that three members dissented because they objected to language in the policy statement that signaled the next move would be a cut. He expressed skepticism about the U.S. dollar's status as the world's reserve currency being threatened in the foreseeable future, pointing to demographic challenges in China and Europe. Kashkari described cryptocurrency as "like ESG for libertarians," saying it has not found a real use case after more than a decade. He also discussed housing affordability, attributing high costs to a combination of inflation, labor availability, interest rates, and zoning restrictions, calling zoning the factor "most easily in our control."

Profile compiled from Neel Kashkari's verified public interviews and appearances. See all quotes & transcripts →