July 11, 2019 / 9:31 PM / 9 days ago

Fed's Kashkari says need 'stronger medicine' to boost inflation

FILE PHOTO: President of the Federal Reserve Bank on Minneapolis Neel Kashkari speaks during an interview in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton/File Photo

(Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari, one of the U.S. central bank’s most vocal doves, on Thursday repeated his call for a half-percentage-point interest-rate cut to boost sagging inflation expectations.

“We need to do something that kind of shocks the system,” Kashkari said at a town hall in Aberdeen, South Dakota. Bets in financial markets suggest a quarter-point interest-rate cut is the most likely outcome of the Fed’s policy-setting meeting in three weeks. “Let’s give it a little stronger medicine,” Kashkari said.

Reporting by Ann Saphir; editing by Diane Craft

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