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.