Neel Kashkari Backed Fed’s Large Cut and Another Half-Point This Year

Central Banks Neel Kashkari Backed Fed's Large Cut and Another Half-Point This Year Minneapolis Fed chief says risks now tilted to labor market Says 'significant progress' has been made lowering inflation Federal Reserve Bank of Minneapolis President Neel Kashkari said he backs another half percentage point of interest-rate reductions this year in an essay detailing his support for the central bank's outsize cut last week.

In the essay, published on the bank's website Monday, Kashkari noted that inflation had cooled significantly and was close to the Fed's 2% target. At the same time the labor market is starting to show signs of weakness, he wrote.