Fed president says that Americans have such a ‘visceral’ hatred of inflation that they’d rather have a recession than rising prices

Neel Kashkari, president and chief executive officer of the Federal Reserve Bank of Minneapolis (Credit: Victor J. Blue/Bloomberg - Getty Images)

U.S. consumers are so fed up with rising prices they would rather see the economy shrink than watch their costs get any higher, according to Neel Kashkari, president of the Federal Reserve Bank of Minneapolis.

As a result Kashkari, who has led the organization since January 2016, had some bad news for Wall Street: he doesn't believe a cut is coming any time soon.