Minneapolis Federal Reserve Bank President Neel Kashkari said on Friday that the...
NEW YORK - Minneapolis Federal Reserve Bank President Neel Kashkari said on Friday that the yield curve, which to his surprise inverted earlier this week, shows investors believe growth will slow and may be signaling the Fed has tightened policy too far.
“A big question mark that we wrestle with is what interest rate represents neutral... I do think it’s giving us feedback on where neutral is” Kashkari said. “Have we gone above neutral? I still don’t think we have but it’s certainly possible and I don’t think we should be at a contractionary stance.”
“My base case is still for continued economic growth.... just slower growth” than 2018, he said. But there is still uncertainty on the outlook, he said, and “that’s why I think our current posture of pausing to get more data makes a lot of sense.”
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