Federal Reserve´s Kashkari: We have to bring down inflation
|Minneapolis Federal Reserve President Neel Kashkari said the United States has very high inflation, but it's not being driven by wages.
Key comments
We have to bring down inflation.
Once we get inflation down, we can get back to pre-pandemic economy with low inflation, low unemployment, decent wage growth.
Our bank supervisors at minneapolis fed are focused on interest-rate risk exposure.
Banking stresses tend to take longer than you think to get through.
I'm prepared this could take longer than we expect.
Vast majority of banks have taken interest-rate risk seriously.
Banking system is sound.
What's unclear is how much of banking stresses of past few weeks is leading to a sustained credit crunch.
US debt ceiling needs to be raised.
Hopeful political parties will come together and make sure US can pay its bill.
US Dollar update
The DXY, an index that measures the US Dollar vs. a basket of currencies, dropped on Thursday on easing fears about banking sector troubles, encouraging economic signs from the chip industry and rising oil prices. On the weekly DXY chart, the US Dollar is closing in on support and the M-formation, a reversion pattern, could hold up the price from moving much lower at this juncture.
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