Neel Kashkari welcomed the first better-than-expected inflation report in many months on Wednesday, but said it did not change his view on the need for more aggressive interest rate hikes even if it means triggering a recession.
"This is just the first hint that maybe inflation is starting to move in the right direction," the president of the Federal Reserve Bank of Minneapolis said on a panel at the Aspen Institute on Wednesday afternoon, just hours after new data was released showing that inflation had cooled a bit in July.
"But it doesn't change my path," he added.
