Minneapolis Federal Reserve President Neel Kashkari on Sunday said it's a "reasonable prediction" that the U.S. central bank will cut interest rates once this year, waiting until December to do it.
It also published projections that showed the median forecast from all 19 U.S. central bankers was for a single interest rate cut this year.
Kashkari, who has been more cautious about the possibility of easing monetary policy than many of his colleagues, did not say how many rate cuts he personally expects.
Inflation by the Fed's targeted measure, the year-over-year change in the personal consumption expenditures price index, registered 2.7% in April.
"If we simply cut interest rates to try to support home ownership right now, that would probably push up the price of houses, and it actually wouldn't lead to any better affordability," he said.
Persons:
Neel Kashkari, it's, Kashkari
Organizations:
Reserve Bank of Minneapolis, Kansas City Fed, Minneapolis Federal, CBS, Fed
Locations:
Jackson, Wyoming, Minneapolis, U.S