“If the economy is fundamentally much stronger than we realized, on the margin that would tell me rates probably have to go a little bit higher and then be held higher for longer to cool things off,” Kashkari said Monday at an event at the University of Pennsylvania’s Wharton School.
Kashkari said Monday he and his colleagues have been surprised by the economy’s resilience so far, but that they remain committed to bringing inflation down to the Fed’s 2% goal. Speaking in mid-August, Kashkari said that while progress on inflation had been good, it was still too high. He said he wanted to see “convincing evidence” that it was on its way down to the Fed’s target.
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