Fed's Kashkari Says Inflation Still Too High Despite Cooler PCE Data

MT Newswires Live07:51

Minneapolis Federal Reserve President Neel Kashkari said inflation remains too high even though the latest data came in cooler than economists expected, CNBC reported Wednesday, citing an interview with Kashkari.

"Inflation is still too high," Kashkari told CNBC's Steve Liesman in an interview on the sidelines of a Council on Foreign Relations event in New York, according to the report.

Kashkari's comments followed the August personal consumption expenditures price index, which showed core inflation at 3% annually, below economists' forecasts, the report said.

He said inflation is running at around 3% and has been elevated for more than five years, and that the data did not change that view much, according to the report, Kashkari told CNBC, and that other data released Wednesday on consumer spending and gross domestic product showed the economy is "resilient."

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