Inflation Rebounds, Delaying Expected Fed Rate Cuts and Raising Concerns of Persistence

Inflation rose higher than expected last month, stalling progress made in bringing it down and raising concerns about persistence
The rise in inflation could delay or prevent expected interest rate cuts by the Fed later this year
Kashkari says the Fed should wait to see more progress on bringing inflation down before cutting rates
While the job market remains strong, the Fed must be careful not to slow the economy too much or risk recession
To feel confident inflation is declining, Kashkari wants to see continued progress across categories like housing and services