Fed's Kashkari: Today's CPI report was another reason to wait rather than hiking
Kashkari in Minnesota:
- We're not exactly sure why inflation has been low
- Data has supported my perspective on monetary policy
- Fed has the luxury to see what actually happens
- Why do we need to cool the economy down?
- Inflation hasn't increased with tightening labor market
- There more be more slack than we think
- I don't see evidence inflation will take off
- It's unlikely a stock market correction would lead to crisis
Dovish stuff from Kashkari, as he takes a bit of a victory lap.