Fed's Kashkari says inflation is still too high in 'all aspects' of US economy, in Fox News interview

Kashkari supported the unanimous vote last week to raise interest rates by a quarter percentage point to 3.75%-4.00%. He was one of three officials to dissent at the Fed's prior meeting in favor of a hike when the majority of the Federal Open Market Committee then opted to leave rates unchanged.

Projections released along with the rate-hike decision showed all but two Fed policymakers see at least one more quarter-point increase this year. Rate futures markets reflect a two-in-three chance that the Fed's policy rate ends 2026 in the 4.00% to 4.25% range, with a strong likelihood of it climbing by at least another quarter point beyond that by mid-2027.

Crude oil prices soared after hostilities intensified with the US and Iran attacking and sinking some oil tankers in the Strait of Hormuz and Saudi Arabia closing its vital East-West pipeline due to aerial attacks in the widening Middle East war.