Correction: Fed’s Kashkari calls for no more rate hikes until inflation hits 2%
One reason for keeping rates where they are is because the labor market still has room to expand, even with, near a 50-year low. Kashkari said the measure is not a true gauge of the jobs picture as wage growth continues to be lackluster.
"That has now been true for two or three years going forward, and I think Chairman Powell has really embraced the view that there is still slack in the labor market, and that is just resoundingly good news for the American people and I hope it continues," he said. The Fed raised rates nine times from December 2015 through 2018 and Kashkari said he disagreed with "all of them." The FOMC then started cutting rates in July of this year for three total. Markets pricing points to virtually no chance of a fourth cut at the December meeting.
"I think as of right now that data looks pretty good. If the economy continues to perform as we expect, I would expect that we're done for a while," Kashkari said. "But we need to see. I think things can change pretty quickly."
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