Fed’s Kashkari: to curb inflation, rates should be raised already now

Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview with CNBC that the Fed should begin gradually raising interest rates already now to curb inflation, which remains too high.

Kashkari called for a gradual approach to hikes that could begin in September, though he did not specify exact timing. He noted that he is not yet sure what steps would be appropriate at the Fed’s next meeting in September, adding that he wants to see what new economic data show. Asked whether the Fed could raise rates three times by year-end, he said that is not out of the question.