The solid U.S. jobs report for October underscores why the Federal Reserve needs to keep raising interest rates higher than it had previously forecast in order to control inflation, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Friday.
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. He declined to specify how high a rate he envisions for 2023.
