Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said he beli...
FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York, United States on February 17, 2016. REUTERS/Brendan McDermid
- Minneapolis Federal Reserve Bank President Neel Kashkari on Tuesday said he believes U.S. monetary policy is now “modestly accommodative,” a view that puts him on the same page as most of his colleagues at the U.S. central bank. The Fed last week cut its target for the overnight bank-to-bank lending rate for the third time this year, to a range of 1.5%-1.75%.
While that’s low by historical standards, the neutral rate that allows a healthy economy to grow without overheating has fallen, making the current low level of rates less stimulative than it would have been in the past, Kashkari said.Reporting by Ann Saphir; Editing by Himani Sarkar
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