More from Federal Reserve Bank of Minneapolis President Neel Kashkari:

  • We can only relax on rate hikes when we see compelling evidence that inflation is heading down towards 2%
  • If inflation were at 4%, I'd be more willing to say, let's take our time and avoid the risk of overdoing it.
  • With inflation at or over 8%, we don't want inflation expectations to become unanchored.
  • fear in back of mind is that inflation is more embedded at higher level than appreciated
  • a lot of balance sheet tightening has already happened due to forward guidance
  • biggest fear is that we are misreading underlying inflation dynamics
aud update 24 August 2022

Earlier:

USD catching a wee bid. AUD, NZD, GBP, EUR all a little lower. USD/JPY up small. Not a lot in it.