Fed’s Kashkari: Jobs report shows why more rate hikes needed

WASHINGTON (AP) — The solid U.S. jobs report for October 2022 underscores why the Federal Reserve needs to keep raising interest rates higher than it had previously forecast to control inflation, says Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. In an interview with The Associated Press, Kashkari said that at the Fed’s next meeting in December, he expects to issue a higher forecast for where the central bank’s benchmark rate will be next year than he did in September. The jobs data showed that hiring is “quite healthy” despite some slowing in recent months, Kashkari said. “That tells me we have more work to do to try to cool down the economy and bring demand and supply into balance.”