Fed's Kashkari: Interest rates should be held for a longer period of time

Neel Kashkari of the U.S. Fed just commented on the latest NFP data from the U.S. and hinted at possible further steps by the Federal Reserve in terms of interest rates. Below you will find the banker's most important comments:

The most likely scenario is to leave the current level of rates for an extended period of time
The Fed will raise rates if necessary although the banker adds that such a scenario is unlikely
If the disinflation process continues or the labor market situation worsens, then interest rate cuts will be likely
Friday's NFP report came in weaker than expected, but still not small figures
The increase in rental prices in the economy is somewhat worrying
To cut rates we need to see some satisfactory inflation reports
We will not allow the November elections to influence the Fed's decisions
The US economy is doing well at this point
We need to be more patient
The Fed may have to keep rates unchanged through 2024

The banker's comments do not add anything new to the narrative being built around the Fed's decision-making, nevertheless a slightly more hawkish tone from the banker can be discerned in the background. The euro is giving back gains against the US dollar moments after 05:00 pm GMT.

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Forex

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