- Not changing my forecast for rates for now
- Still sees rate path moving towards around 5.40%
- Wishes to see more evidence that underlying inflation was trending down more
- Services side of the economy is still very robust
- Hard to imagine strong jobs growth can occur with wage growth moderating
- We haven't done enough to bring the labour market into balance
We shall see if Powell builds on this to also comment on the hot US jobs report from Friday last week. Essentially, Kashkari is saying that nothing has changed with regards to his outlook on the economy and rate path. Despite saying that "nobody should overreact to one report", he is stating that they "haven't made enough progress to declare victory".