Biden: ‘I know how to make government work’ in reaching across the aisle as senator, VP

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Kashkari says Fed needs to ‘walk the walk’ by letting inflation exceed 2%

Minneapolis Fed President Neel Kashkari on Thursday said the Federal Reserve in the current recovery has treated the 2% inflation target as a ceiling instead of a target. “For our current framework to be effective and credible, we must walk the walk and actually allow inflation to climb modestly above 2% in order to demonstrate that we are serious about symmetry,” Kashkari told the Santa Barbara County Economic Summit. In discussing the Fed’s review of its monetary policy strategy, Kashkari said he was “skeptical” about ideas like make-up strategies, since he doesn’t believe that the central bank would keep rates low when inflation rises above target next time. Kashkari, one of the dovest members of the Fed, rotates onto the rate-setting Federal Open Market Committee in 2020.

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