Fed's Kashkari says he's not advocating interest-rate cut

Minneapolis Fed President Neel Kashkari said Monday he's not advocating an interest-rate cut at present. In an interview on CNBC, Kashkari said he might change his mind if he saw job growth "really slowing down." For now, Kashkari says he thinks that the labor market will stay strong, wages will climb and this will ultimately feed through to higher inflation. "I have not given up on the longer-run Phillips curve," he said. Kashkari said the Fed would likely look through the market downturn in the wake of the impasse on U.S.-China trade talks. "All of us are in wait-and-see mode" on the outcome of the trade dispute, he said. Asked whether the next Fed move would be an interest-rate cut or hike, Kashkari said he wasn't sure. The Fed is just as uncertain about the outlook for the economy as everyone else, he said.

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