Kashkari Says Inflation Still Too High Despite Cooler PCE Data

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Minneapolis Federal Reserve President Neel Kashkari said Wednesday that inflation remains too high even after the latest reading of the Fed's preferred price gauge came in softer than economists expected. Speaking to CNBC's Steve Liesman in an exclusive one-on-one interview at a Council on Foreign Relations event in New York, Kashkari said the core personal consumption expenditures price index, which strips out volatile food and energy prices, ran at 3% on an annual basis in August, below forecasts. "There are many different measures of inflation, but it's running at around a 3% rate," Kashkari said, adding that inflation has been elevated for more than five years and that the data did not change his view. He said separate reports on consumer spending and gross domestic product released Wednesday showed the economy is resilient. The Fed this month delivered its first interest rate hike in three years to push back against higher-than-preferred price growth and signaled another increase could be coming.

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Kashkari says inflation still too high and the Fed signaled another rate hike could be coming, implying the policy rate stays higher/rises

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