Neel Kashkari is president of the Federal Reserve Bank of Minneapolis. He spoke on CBS’ “Face the Nation” Sunday.
Kashkari acknowledged the damage that recessions do. He said, regardless of whether the US is in a recession or not, the Federal Reserve is committed to doing what it takes to get the CPI back to 2%:
- “Typically, recessions demonstrate high job losses, high unemployment, those are terrible for American families. And we’re not seeing anything like that,” he said.
- “Whether we are technically in a recession or not doesn’t change the fact that the Federal Reserve has its own work to do, and we are committed to doing it,” Kashkari said.
- “We’re going to do everything we can to avoid a recession, but we are committed to bringing inflation down, and we are going to do what we need to do,” Kashkari said. “We are a long way away from achieving an economy that is back at 2% inflation. And that’s where we need to get to.”