Lone dissenter on the Fed

Fed's Kashkari speaks at an event in Minneapolis

  • We don't have enough diversity on the board
  • Ratcheting up capital requirements on biggest banks would boost competition in industry
  • Today's PCE data comes up short on inflation target.
  • No reason to hurry up and raise rates.
  • There is interest among FOMC members to shrink the balance sheet in a gradual way.

Kashkari was did not vote for a rate hike at the last meeting. He prefers to see inflation to overshoot 2% first before tightening.